比特币（BTC）的交易稳步超过了85,000美元，但势头仍然有限

比特币的交易稳步超过了85,000美元，但上升势头仍然有限，因为88,000美元至91,000美元的流动性区域充当了主要阻力。

Bitcoin price has been trading above the $85,000 mark, but its upward momentum has stalled as the $88,000 to $91,000 liquidity zone continues to act as a major resistance. This range, which previously supported price action, has now flipped into a critical barrier that bulls have yet to reclaim.

比特币的价格已经超过了85,000美元的交易，但其上升势头已停滞不前，88,000美元至91,000美元的流动性区继续充当主要阻力。以前支持价格行动的该系列现在已经陷入了公牛尚未回收的关键障碍。

Now, as broader macroeconomic instability and trade war fears keep knocking on investor sentiment, these macro trends are playing a key role in shaping short-term price movements.

现在，随着更广泛的宏观经济不稳定和贸易战争的恐惧不断震惊投资者的情绪，这些宏观趋势在塑造短期价格变动中起着关键作用。

On-chain data from CryptoQuant reveals a notable shift in supply dynamics. Over the last five months, supply from major Bitcoin holders, commonly referred to as ‘whales’ with balances above 1,000 BTC, has seen a significant reduction of 290,000 BTC.

来自加密量的链上数据揭示了供应动态的显着变化。在过去的五个月中，主要比特币持有人的供应通常称为“鲸鱼”，其余额超过1,000 BTC，已大幅降低了290,000 BTC。

This drawdown, signaled by crypto analyst Axel Adler on X, points to a period of consistent distribution. However, recent metrics suggest that the selling pressure may be slowing down.

加密分析师阿克塞尔·阿德勒（Axel Adler）在X上发出了这一提示，指向一致分布的时期。但是，最近的指标表明销售压力可能正在减慢。

Bitcoin Pivots at Key Level As Whales Show Fatigue

鲸鱼表现出疲劳，关键水平的比特币枢轴

Bitcoin is once again at a pivotal level, with bulls attempting to break above the $88,000 mark to spark a renewed rally. After reclaiming support at $85,000, momentum has been building. But a clear breakout seems elusive, and with the $88K level presenting a key technical barrier, a move above it could open the door to retesting the critical $90K-$91K liquidity zone.

比特币再次处于关键水平，公牛队试图超过88,000美元的大关以激发新的集会。在以85,000美元的价格收回支持后，势头一直在建立。但是，一个明显的突破似乎难以捉摸，并且$ 88K的水平呈现出关键的技术障碍，这一举动可以为重新测试关键的$ 90,000亿美元的流动性区打开大门。

However, caution still dominates the market as broader macroeconomic instability continues to weigh on investor sentiment. Ongoing trade war fears and unpredictable policy decisions are keeping financial markets in a state of heightened volatility.

但是，随着更广泛的宏观经济不稳定继续压力投资者的情绪，谨慎仍然占据主导地位。持续的贸易战恐惧和不可预测的政策决策正在使金融市场处于波动的状态。

This macro uncertainty is playing a key role in shaping short-term price movements, keeping traders cautious despite signs of underlying strength. As traders navigate this period of heightened market sensitivity, on-chain metrics offer a deeper structural view of the market.

这种宏观不确定性在塑造短期价格变动中发挥着关键作用，尽管有潜在的力量迹象，但仍保持交易者的谨慎。随着贸易商在这一时期的市场敏感性时期，链上指标提供了更深入的市场结构视图。

Top analyst Axel Adler shared fresh insights on X, revealing that over the past five months, supply from major players—particularly those with wallet balances exceeding 1,000 BTC—has declined by 290,000 BTC. This structure, spotted in the chart below, suggested consistent selling over several months.

顶级分析师阿克塞尔·阿德勒（Axel Adler）在X上分享了新的见解，表明在过去的五个月中，主要参与者的供应（尤其是那些余额超过1,000 BTC的人）降低了290,000 BTC。下图中发现的这种结构表明，几个月来销售一致。

But Adler notes that average figures have now started to rise again, signaling a slow but clear shift back toward accumulation. In simpler terms, whales have stopped selling.

但是阿德勒（Adler）指出，平均数字现在已经开始再次上升，这表明缓慢而明显的转移向积累。用更简单的话来说，鲸鱼已经停止销售。

This change in behavior among large holders could provide foundational support for a future rally.

大型持有人的行为变化可以为未来的集会提供基本支持。

While the macro backdrop remains uncertain, the shift in whale activity hints at renewed confidence and a potential transition from distribution to accumulation—a critical signal as Bitcoin approaches one of the most important resistance zones of the current cycle.

虽然宏观背景仍然不确定，但鲸鱼活动的转移暗示了置信度的重新置信度以及从分布到累积的潜在过渡 - 这种关键信号是比特币接近当前循环中最重要的电阻区之一。

Bitcoin 200-Day MA Holds Key Support But Pay Attention To $90K

比特币200天MA拥有关键支持，但要注意90k美元

Bitcoin is currently holding above the 200-day moving average (MA) and 200-day exponential moving average (EMA), both converging near the $85,500 level. This zone has acted as a key support area in recent weeks, and bulls must continue to defend it to prevent a deeper drop into lower demand regions.

当前，比特币的行驶平均线（MA）和200天的指数式移动平均线（EMA）的持有量高于85,500美元的水平。该区域在最近几周内一直是主要的支持区域，公牛必须继续为其辩护，以防止更深入的较低需求区域。

For now, the level is holding — but technical support alone won’t be enough to shift momentum. While maintaining the 200-day averages is a positive sign, it becomes meaningless if Bitcoin fails to reclaim the $90,000 level.

就目前而言，水平正在保持 - 但是仅凭技术支持就不足以改变动力。在维持200天平均值的同时，如果比特币未能收回90,000美元的水平，则毫无意义。

That price zone remains the most critical resistance to watch, serving as a key liquidity area and psychological barrier. Without a decisive breakout above $90K, the current bounce risks losing steam.

该价格区仍然是观看的最关键的阻力，它是关键的流动性领域和心理障碍。如果没有果断的突破超过$ 90K，目前的反弹可能会失去蒸汽。

If Bitcoin remains stuck below $90K in the coming days, bearish pressure is likely to build, increasing the probability of a drop below $81,000. That would mark a significant breakdown and could trigger more aggressive selling across the market.

如果比特币在未来几天仍处于低于$ 90k的价格，则看跌压力可能会增加，从而增加了跌至81,000美元以下的可能性。这将标志着明显的崩溃，并可能引发整个市场上更具侵略性的销售。

As BTC trades within a tight and tense range, bulls are running out of time. A move above $90K is crucial to validate the current structure and confirm the beginning of a new leg higher.

随着BTC在紧张的范围内进行交易，公牛队的时间已经用完了。超过$ 90K的举动对于验证当前结构至关重要，并确认新腿更高的开始。