比特币合并，因为零售仍然不在市场

自周末以来，比特币经历了巨大的价格波动，下跌至9.1万美元，然后上涨了$ 10万美元。但是，BTC现在位于$ 98K大约

Bitcoin has experienced large price movements since the weekend, dropping to $91K before recovering strongly to trade above $100K. However, BTC now sits around $98K, struggling to maintain momentum amid ongoing trade war fears that have spooked global markets. The uncertainty surrounding these geopolitical developments has played a key role in Bitcoin’s volatile performance, and it looks like this trend may continue in the coming weeks.

自周末以来，比特币经历了巨大的价格变动，下降到9.1万美元，然后强劲地恢复到超过$ 10万美元的交易。但是，BTC现在位于98,000美元左右，由于持续的贸易战担忧吓坏了全球市场，努力保持势头。这些地缘政治发展围绕这些地缘政治发展的不确定性在比特币的挥发性表现中发挥了关键作用，看来这种趋势可能会在未来几周内持续下去。

Despite Bitcoin’s strong recovery from the $91K low, retail investors don’t seem eager to buy BTC yet. Key on-chain data shared by Santiment reveals that the number of BTC addresses holding 0 to 1 BTC continues to decline, suggesting that smaller investors are either hesitant to re-enter the market or taking profits amid the recent price swings.

尽管比特币从$ 9.1万美元的低价中恢复过来，但散户投资者似乎并不渴望购买BTC。 Santiment共享的主要链链数据表明，持有0到1 BTC的BTC地址的数量继续下降，这表明较小的投资者要么犹豫要重新进入市场，要么在最近的价格波动中获利。

Historically, retail participation has been a significant catalyst for Bitcoin’s bull cycles, as increased adoption and buying pressure often fuel higher prices. The current decline in small-holder addresses raises questions about whether Bitcoin’s rally can sustain itself without broader retail support. Analysts are now watching closely to see if BTC can reclaim key resistance levels or if further downside is on the horizon.

从历史上看，零售参与一直是比特币牛周期的重要催化剂，因为采用和购买压力的增加通常会促进更高的价格。目前，小型持有人解决的问题提出了有关比特币集会是否可以在没有更广泛零售支持的情况下维持自己的问题。现在，分析师正在仔细观察BTC是否可以收回钥匙电阻水平，或者是否进一步下降。

Bitcoin Considers As Retail Remains Off The Market

比特币认为零售仍然不在市场

Bitcoin is currently in a consolidation phase below its all-time high (ATH), driven by volatility, uncertainty, and speculation. The price has been ranging between ATH at $109K and the $90K level, creating fear among investors who suspect that the bull cycle top may already be in. With Bitcoin failing to reclaim ATH in recent days, some traders believe a deeper correction is coming.

比特币目前处于其历史最高（ATH）以下的整合阶段，这是由波动性，不确定性和猜测驱动的。价格一直在ATH的价格为10.9万美元和90,000美元的水平之间，这使人们对怀疑Bull Cycle Top可能已经进入的投资者感到担忧。由于比特币最近几天未能收回ATH，一些交易者认为即将进行更深入的更改。

However, key on-chain data from Santiment, shared by Ali Martinez on X, suggests that retail investors are still on the sidelines. The number of BTC addresses holding between 0 to 1 BTC continues to decline, showing that smaller investors have not been accumulating BTC during this phase.

但是，阿里·马丁内斯（Ali Martinez）在X上共享的关键链链数据表明，散户投资者仍处于场外。 BTC地址的数量在0到1 BTC之间继续下降，这表明在此阶段，较小的投资者并未积累BTC。

Interestingly, this contrasts with previous bull cycles, where smaller investors rushed in at higher prices, often marking the later stages of a rally. If retail demand picks up, BTC could see strong buying pressure that might fuel another leg up into price discovery. For now, Bitcoin’s consolidation below ATH remains a crucial phase, with key levels defining the market’s next move.

有趣的是，这与以前的公牛周期形成鲜明对比的是，小型投资者以较高的价格冲入，通常标志着集会的后期阶段。如果零售需求增加，BTC可能会看到强烈的购买压力，这可能会使另一只腿陷入价格发现。目前，比特币在ATH以下的合并仍然是一个关键阶段，关键水平定义了市场的下一步行动。

Bitcoin Price Holds Above $98K: Bulls Eye $100K Break

比特币的价格超过$ 98K：公牛眼$ 100K休息

Bitcoin is currently trading at $98,200, maintaining its position above the crucial $98K level for the past few days. This support zone is key for sustaining bullish momentum, as holding above it signals short-term strength and increases the likelihood of a move above all-time highs (ATH).

比特币目前的交易价格为98,200美元，在过去几天中，比特币的头寸高于至关重要的9.8万美元。该支撑区是维持看涨势头的关键，因为在上面持有的信号标志着短期实力，并增加了超过历史高峰（ATH）的可能性。

For bulls to take control, reclaiming the $100K level is the most important objective at the moment. A successful push above $100K and holding it as support would likely trigger a strong rally into price discovery, setting BTC up for a run toward new highs.

对于公牛而言，收回10万美元的水平是目前最重要的目标。成功的推动力超过$ 10万美元，并将其作为支持可能会引起强烈的集会，从而使BTC迈向新的高点。

However, failure to break and hold $100K could signal weakness and open the door for another correction. In this case, BTC could retest lower demand zones between $95K and $90K, where buyers must step in to prevent further downside.

但是，未能打破并持有$ 10万美元可能会信号，并打开门以进行另一次更正。在这种情况下，BTC可以在95,000美元至9万美元之间重新降低需求区域，购买者必须介入以防止进一步的缺点。

Market sentiment remains cautiously optimistic, but the next major move will depend on Bitcoin’s ability to solidify support above $100K. If bulls successfully reclaim this level, a breakout into new highs becomes increasingly likely. For now, all eyes remain on BTC’s price action as it tests key levels in this critical consolidation phase.

市场情绪仍然谨慎乐观，但下一个重大举措将取决于比特币巩固超过$ 10万美元的支持的能力。如果公牛成功地恢复了这一水平，那么越来越有可能进入新的高潮。目前，所有目光都关注BTC的价格行动，因为它在这个关键的合并阶段测试了关键水平。