比特币的调整：昙花一现还是警告？

Is Bitcoin's Correction a Blip or a Warning Sign?

比特币的回调是昙花一现还是警告信号？

After reaching an all-time high of $73,797.68 on March 14, Bitcoin has been in a corrective phase for the past week. Last Wednesday, it dipped to as low as $60,800. However, experts say such declines are "well within the norm of historical bull market short-term corrections," according to Alex Thorn, head of firmwide research at Galaxy Digital.

自 3 月 14 日触及 73,797.68 美元的历史高点后，比特币在过去一周一直处于修正阶段。上周三，它跌至 60,800 美元的低点。不过，Galaxy Digital 全公司研究主管亚历克斯·索恩 (Alex Thorn) 表示，专家表示，这种下跌“完全符合历史牛市短期调整的正常情况”。

What's Driving the Recent Surge?

是什么推动了近期的飙升？

The reason for Monday's significant gain remains unclear, but Bitcoin's price action in March has been marked by new highs followed by healthy pullbacks. Thorn suggests that investors may have paused selling shares of Bitcoin exchange-traded funds (ETFs).

周一大幅上涨的原因尚不清楚，但比特币 3 月份的价格走势已创下新高，随后出现健康回调。索恩表示，投资者可能已暂停出售比特币交易所交易基金（ETF）的股票。

"The record outflows from the Grayscale Bitcoin Trust (GBTC) over the past two weeks, likely due to Genesis and Gemini bankruptcy liquidations, contributed to weakness in spot prices," said Thorn. "However, several technical indicators pointed to seller exhaustion."

索恩表示：“过去两周，灰度比特币信托基金（GBTC）的创纪录资金流出，可能是由于 Genesis 和 Gemini 破产清算，导致现货价格疲软。” “然而，一些技术指标表明卖家已经精疲力尽。”

Is the Fed's Messaging Playing a Role?

美联储的信息发挥作用了吗？

Sam Callahan, lead analyst at Bitcoin services firm Swan Bitcoin, believes the recent surge may be linked to messaging from the Federal Reserve last week.

比特币服务公司 Swan Bitcoin 的首席分析师 Sam Callahan 认为，最近的比特币价格飙升可能与美联储上周发布的消息有关。

"Fed officials signaled last week that they are considering both rate cuts and reducing the pace of quantitative tightening this year," he said. "These actions could increase liquidity, acting as a positive catalyst for asset prices. Bitcoin acts as a barometer of liquidity conditions and has responded favorably to the Fed's indication of potential monetary easing in the near future."

“美联储官员上周表示，他们正在考虑今年降息和放慢量化紧缩步伐，”他表示。 “这些行动可以增加流动性，成为资产价格的积极催化剂。比特币充当流动性状况的晴雨表，并对美联储在不久的将来可能放松货币政策的迹象做出了积极的反应。”

Is Bitcoin Poised for a Monthly Win?

比特币有望每月获胜吗？

Despite its pullbacks, Bitcoin is on track to finish March with a gain. It has appreciated by 12% for the month and 64% for the first quarter.

尽管出现回调，但比特币有望在 3 月份结束时实现上涨。当月升值12%，第一季度升值64%。