比特币（BTC）目前正在超过关键支持

比特币目前的交易高于关键支持，但公牛队正在努力收回90000美元的水平，这一门槛可能标志着有意义的恢复集会的开始。

Bitcoin (BTC) is trading above critical support but bulls are yet to reclaim the $90,000 level, a threshold that could signal the start of a meaningful recovery rally. Despite brief rebounds, the crypto behemoth remains under pressure as market sentiment remains fragile.

比特币（BTC）的交易高于关键支持，但公牛尚未收回90,000美元的水平，这一门槛可能标志着有意义的恢复集会的开始。尽管有短暂的篮板，但由于市场情绪仍然脆弱，加密庞然大物仍然处于压力下。

The cryptocurrency is now down 22% from its all-time high, and momentum continues to lean bearish. Macroeconomic instability and trade war fears drive widespread market uncertainty, putting further strain on crypto markets.

现在的加密货币比历史最高水平下降了22％，动量继续倾斜看跌。宏观经济不稳定和贸易战的恐惧带来了广泛的市场不确定性，这对加密货币市场产生了进一步的压力。

With US President Donald Trump’s recent announcement of new tariffs and his erratic behavior continuing to shake financial markets, risk assets like Bitcoin are slipping deeper into volatility.

随着美国总统唐纳德·特朗普（Donald Trump）最近宣布新的关税，而他不稳定的行为继续摇晃金融市场，比特币这样的风险资产正在更深入地变成波动。

Crucially, on-chain data from CryptoQuant indicates that the Price to Distribution by Realized Supply Ratio is at a historically low level. This metric, which compares Bitcoin’s price to realized supply, typically signals one of two outcomes: either a local bottom in a bull market or the early stages of a bear market.

至关重要的是，来自加密量的链链数据表明，通过已实现的供应比的分配价格在历史上处于较低水平。该指标将比特币的价格与实现的供应进行了比较，通常标志着两个结果之一：牛市的本地底部或熊市的早期阶段。

Bitcoin faces a crucial test as selling pressure appears to be mounting once again. If bulls can’t regain control soon, the market could slip into a broader correction.

比特币面临着重要的测试，因为销售压力似乎再次持续。如果公牛无法尽快恢复控制权，那么市场可能会采取更广泛的纠正。

Bitcoin Correction Deepens Amid Economic Turmoil

经济动荡的比特币校正会加深

Bitcoin is trading at critical levels, showing signs that the correction phase which began in January may not be over yet.

比特币正在关键水平上进行交易，表明一月份开始的校正阶段可能还没有结束。

The cryptocurrency is now trading at $84,200, still at a high price point but showing signs of weakness.

加密货币现在的交易价格为84,200美元，仍然处于高价，但显示出虚弱的迹象。

Bitcoin is trading at critical levels, showing signs that the correction phase which began in January may not be over yet.

比特币正在关键水平上进行交易，表明一月份开始的校正阶段可能还没有结束。

The cryptocurrency is now down 22% from its all-time high, and momentum continues to lean bearish. Macroeconomic instability and trade war fears drive widespread market uncertainty, putting further strain on crypto markets.

现在的加密货币比历史最高水平下降了22％，动量继续倾斜看跌。宏观经济不稳定和贸易战的恐惧带来了广泛的市场不确定性，这对加密货币市场产生了进一步的压力。

Global financial markets are being battered by tariffs and growing geopolitical tensions, pushing risk assets like Bitcoin to face sellers at higher levels. Investors are becoming increasingly cautious, with many analysts now warning of a potential recession.

全球金融市场受到关税和越来越多的地缘政治紧张局势的打击，将像比特币这样的风险资产推向了较高水平的卖家。投资者越来越谨慎，许多分析师现在警告潜在的衰退。

As a result, safe havens such as gold (GLD) are rallying, while equities continue to slide—a classic signal of risk-off sentiment. In this environment, Bitcoin is struggling to regain bullish momentum, unable to break above critical resistance zones.

结果，诸如黄金（GLD）之类的避风港正在集会，而股票继续滑落，这是一个经典的风险信号。在这种环境中，比特币正在努力恢复看涨的势头，无法超越关键阻力区。

However, Top analyst Axel Adler shared important insights supporting a cautious outlook. He pointed to a key on-chain metric that tracks Bitcoin’s price in relation to its “realized supply.”

但是，顶级分析师阿克塞尔·阿德勒（Axel Adler）分享了支持谨慎前景的重要见解。他指出了一个关键的链度指标，该指标跟踪比特币的价格与其“已实现供应”有关。

The chart uses a 30-day simple moving average (SMA-30D) of this ratio, represented by a purple line. Historically, when this line drops below a defined lower boundary, it has indicated either a local correction bottom or the start of a bear market—both times Bitcoin was significantly undervalued.

该图使用该比率的30天简单移动平均线（SMA-30D），以紫色线表示。从历史上看，当这条线降至定义的下边界以下时，它表明了局部校正底部或熊市的开始 - 两次比特币都被大大低估了。

The chart highlights two previous instances of this signal during major correction phases: one following the COVID-19 crash and another during the mining ban in China.

该图表突出了该信号在重大校正阶段之前的两个实例：一个在Covid-19崩溃之后，另一个在中国的采矿禁令期间。

Currently, the indicator is once again nearing these historic levels, suggesting that Bitcoin may be undervalued. However, whether this marks the end of the correction or the beginning of a deeper bear cycle remains unclear.

目前，该指标再次接近这些历史性水平，表明比特币可能被低估了。但是，这是否标志着校正的终结或更深的熊周期的开始尚不清楚。

As uncertainty persists, all eyes remain on Bitcoin’s next move—with $81K acting as key support and $90K the level bulls must reclaim to shift sentiment.

随着不确定性的持续存在，所有人都关注比特币的下一步行动 - 81k $ 81K充当关键支持，而$ 90K的公牛必须收回转移情绪。

Technical Details: BTC Trades Below Key Moving Averages

技术详细信息：BTC在关键移动平均值下进行交易

Bitcoin is trading at $84,200 after several days of heightened volatility and sustained selling pressure. The recent pullback has pushed BTC below the 200-day moving average (MA) and exponential moving average (EMA), both of which are currently positioned around the $86,500 level.

经过数天的波动和持续的销售压力，比特币的交易价格为84,200美元。最近的回调将BTC推向了200天的移动平均线（MA）和指数移动平均线（EMA），这两者目前都位于86,500美元左右。

These indicators now act as key resistance, and bulls must reclaim and hold above them to shift momentum back in their favor. A successful move above $86,500 would be a strong technical signal, potentially opening the path to retest the $90,000 level—a key psychological and structural barrier.

这些指标现在是关键的抵抗力，公牛必须在上面夺回并握住他们，以转移动力以对他们有利。超过86,500美元的成功举动将是一个强烈的技术信号，有可能为重新测试90,000美元的水平开辟道路，这是一个关键的心理和结构性障碍。

However, failure to reclaim these moving averages in the coming sessions would likely reinforce bearish sentiment and could lead to increased selling pressure.

但是，未能在即将到来的会议上收回这些移动平均值可能会加剧看跌的情绪，并可能导致销售压力增加。

If bulls lose control of the current support zone, a drop below the $81,000 mark becomes increasingly likely. This would mark a continuation of the correction that began in January and could drive Bitcoin into deeper consolidation or even a broader downtrend.

如果公牛失去对当前支持区的控制，那么低于$ 81,000的跌幅就会越来越有可能。这将标志着一月份开始的更正的延续，可能会使比特币进入更深层次的整合甚至更大的下降趋势。