比特币（BTC）最近一直在历史狭窄的60天价格范围内进行交易。这通常是按照这样的压缩波动段遵循的

在X上的一篇新帖子中，这家链分析公司GlassNode讨论了BTC最近没有见证了太多的价格行动。

Bitcoin has seen very little price action lately, but that could be about to change.

比特币最近几乎看不到价格行动，但这可能会改变。

According to a recent post on X, the on-chain analytics firm Glassnode has observed that BTC hasn’t seen much movement in either direction recently. The below chart from the analytics firm shows the historical instances where the 60-day price range was narrower than the current one (in terms of percentage swing).

根据X上最近的一篇文章，链上分析公司的玻璃节点已经观察到，BTC最近在任何一个方向上都没有看到太多运动。分析公司的下图显示了60天价格范围比当前的范围窄的历史实例（就百分比摆动而言）。

From the graph, it’s clear that there have only been a handful of periods where the asset traded between a narrower range during a 60-day period than the last two months. This highlights just how tight the price action has been for Bitcoin.

从图表中，很明显，只有几个时期的资产在60天的范围内的范围比过去两个月更窄。这突出了比特币的价格动作的紧张程度。

Interestingly, the instances with a more compressed price range all led to particularly volatile periods for the asset. Thus, it’s possible that the latest stale period might also end up unwinding with a really sharp swing in the cryptocurrency.

有趣的是，价格范围更高的实例都导致资产特别波动的时期。因此，最新的陈旧时期可能最终可能会在加密货币中真正急转弯。

The volatility decompression after a narrow range hasn’t always been bullish; however, the famous November 2019 crash, which marked the bottom of that cycle’s bear market, occurred after historically stale action in the coin’s price.

狭窄范围后的波动减压并不总是看涨。然而，著名的2019年11月崩溃标志着该周期的熊市的底部，是在硬币价格陈旧的行动之后发生的。

The tight price range isn’t the only indication that Bitcoin could be due for volatility in the near future, as Glassnode has pointed out that a large percentage of the BTC supply is concentrated around the current price level.

紧张的价格范围并不是唯一的迹象表明比特币可能在不久的将来发生波动性，因为GlassNode指出，BTC供应的很大一部分集中在当前价格水平附近。

The above chart shows the data for the “Realized Supply Density,” which is an on-chain metric that tells us about the percentage of the asset’s supply that was last purchased within a given range surrounding the current spot Bitcoin price.

上图显示了“已实现的供应密度”的数据，该数据是一个链度指标，它告诉我们最后在当前现货比特币价格围绕的给定范围内购买的资产供应百分比。

In the graph, the analytics firm has chosen 15% as the range, meaning that the indicator is displaying the amount of the supply that was last transferred between +15% and -15% from the latest price.

在图中，分析公司选择了15％的范围，这意味着指标显示了最后一次转移的供应量距最新价格 +15％至-15％。

The Realized Supply Density for this price range has historically followed a curious pattern: a gradual ascent in its value corresponded to a “volatility building” phase for BTC and a subsequent sharp decline to a “volatility release” one.

该价格范围的实现供应密度历史上遵循了一种奇怪的模式：其价值的逐渐上升对应于BTC的“波动性构建”阶段，随后急剧下降到“波动性释放”。

Recently, Bitcoin has been in the former phase from the perspective of this indicator. Around 20% of the BTC supply is concentrated in the ±15% range right now, which is a high value. “This creates the potential for amplified market volatility as investor profitability shifts,” notes Glassnode.

最近，从该指标的角度来看，比特币已经处于前一阶段。 BTC供应的约20％集中在目前的±15％范围内，这是一个高价值。 GlassNode指出：“随着投资者的盈利能力的转移，这产生了扩大市场波动的潜力。”

BTC Price

BTC价格

At the time of writing, Bitcoin is trading around $105,700, having appreciated by more than 5% over the last seven days.

在撰写本文时，比特币的交易约为105,700美元，在过去的七天中，比特币欣赏了5％以上。