比特币在杠杆驱动的集会中面临关键测试

随着公牛试图收回90,000美元的水平，比特币现在正面临着重要的测试，这是一个可以确认恢复集会并标志着最近下降趋势的终点的关键阈值。

Bitcoin is now facing a critical test as bulls attempt to reclaim the $90,000 level, a key threshold that could confirm a recovery rally and signal the apex of the recent downtrend.

随着公牛试图收回90,000美元的水平，比特币现在正面临着重要的测试，这是一个可以确认恢复集会并发出最近下降趋势的最高点的关键阈值。

After weeks of relentless selling pressure and macroeconomic uncertainty, Bitcoin has bounced strongly from sub-$75K levels, currently trading slightly above $85K. Yet despite this impressive rebound, the broader market remains on edge. Global tensions, particularly those surrounding US trade policy and the risk of a broader economic slowdown, continue to insert volatility into financial markets. Bitcoin, often viewed as a high-risk asset, remains 22% down from its all-time highs as it endeavors to rebuild momentum.

经过数周无情的销售压力和宏观经济不确定性，比特币从低至75,000美元的水平上强烈反弹，目前的交易略高于8.5万美元。然而，尽管反弹令人印象深刻，但更广泛的市场仍然处于边缘状态。全球紧张局势，特别是围绕美国贸易政策的紧张局势以及更广泛的经济放缓的风险，继续将波动插入金融市场。比特币通常被视为高风险资产，在努力重建势头的过程中，比特币远低于其历史最高水平22％。

While bulls are showing signs of strength, concerns are mounting that the recent surge may not be entirely organic. According to new insights from CryptoQuant, this rally appears to be driven in large part by leverage.

尽管公牛表现出力量的迹象，但人们担心最近的激增可能不是完全有机的。根据CryptoQuant的新见解，该集会似乎很大程度上是由杠杆驱动的。

This latest move seems to be a "leverage pump," notes top analyst Maartunn, who shared his observations and charts detailing the role of open interest in fueling the recent price action.

顶级分析师Maartunn指出，这一最新举动似乎是“杠杆泵”，他分享了他的观察结果并详细介绍了开放兴趣在推动最近的价格行动中的作用。

According to Maartun's analysis, there has been a significant uptick in Bitcoin's Open Interest alongside the price surge. This behavior is usually seen with leveraged positions being opened in large quantities, especially when compared to changes in the Spot market, which has seen less activity.

根据Maartun的分析，比特币在价格上涨的开放兴趣上引起了显着提升。通常可以看到这种行为，杠杆位置大量开放，尤其是与现货市场变化相比，活动的活动较少。

"Open Interest on futures is massively up, while Spot volume is low. This suggests a large amount of leveraged positions are being opened, which contributes to the price surge," Maartun explained.

Maartun解释说：“期货的开放兴趣大大增加，而现货量很低。这表明正在开放大量的杠杆头寸，这有助于价格上涨。”

According to the latest data, Bitcoin futures Open Interest has shot up to 140K BTC in recent days, while Spot volume remains relatively low, indicating a strong preference for leveraged products.

根据最新数据，最近几天比特币期货开放兴趣最高可达140k BTC，而现货量仍然相对较低，这表明对杠杆产品的偏好很偏爱。

Moreover, this trend is not limited to Bitcoin, as major altcoins are also displaying similar characteristics with a strong presence of leverage.

此外，这种趋势不仅限于比特币，因为主要的Altcoins也显示出具有强大杠杆作用的相似特征。

"Same story on lower time frames. ETH and XRP showing huge funding and OI on lower time frames comparing to spot volume. People are playing leveraged massively on lower time frames comparing to spot volume, which could bring huge volatility in coming sessions."

“在较低的时间范围内。与现场数量相比，ETH和XRP在较低的时间范围内显示了巨大的资金和OI。人们在较低的时间范围内大量杠杆作用，与现场量相比，这可能会在即将到来的会议上带来巨大的波动。”

This observation aligns with the latest data from CryptoQuant, which shows a strong correlation between funding rates and price action, especially on lower time frames.

该观察结果与加密量的最新数据保持一致，该数据显示了资金率和价格行动之间的密切相关性，尤其是在较低的时间范围内。

According to CryptoQuant's analysis, funding rates have been consistently positive in recent days and weeks, indicating that traders were actively opening long positions and paying a premium to maintain those positions.

根据CryptoQuant的分析，最近几天和几周的资金率一直是积极的，这表明交易员正在积极开放长位，并支付溢价来维持这些职位。

This strategy could be particularly relevant in light of the recent macroeconomic optimism that emerged following the announcement of a 90-day pause on reciprocal tariffs by the US and China.

鉴于最近在美国和中国宣布对互惠关税的90天停顿之后，这种策略可能尤其重要。

The move helped to reduce trade tensions and sparked a rally in financial markets, with Bitcoin breaking above key technical levels and testing the 200-day Exponential Moving Average (EMA) at around $85,000.

此举有助于减少贸易紧张局势，并在金融市场上引发集会，比特币破裂了关键技术水平，并将200天的指数移动平均线（EMA）测试约为85,000美元。

But as traders attempt to push the price higher towards the 200-day Simple Moving Average (SMA) at $87,300, they face a crucial challenge: the apex of this impressive rebound.

但是，随着交易者试图将价格提高到200天简单的移动平均值（SMA）的价格为87,300美元，他们面临着一个至关重要的挑战：这种令人印象深刻的反弹的顶点。

Bitcoin is currently trading at $84,900 as bulls test a major technical milestone: the 200-day Exponential Moving Average (EMA). Just above lies the 200-day Simple Moving Average (SMA) near $87,300, placing BTC less than 3% away from breaking through both critical resistance zones. These indicators often serve as long-term trend signals, and reclaiming them would strengthen the case for a full recovery rally.

当公牛测试一个主要的技术里程碑：200天的指数移动平均线（EMA）时，比特币目前的交易价格为84,900美元。超过200天的简单移动平均线（SMA）接近$ 87,300，BTC距离突破两个关键阻力区域的距离不到3％。这些指标通常用作长期趋势信号，并收回它们将加强全面恢复集会的案例。

If bulls manage to push the price above the recent local high at $88,800, it could confirm a short-term trend reversal and open the path toward $94K and beyond. Momentum is building following a 15% surge over the past few days, supported in part by macroeconomic relief, including a 90-day pause on US tariffs.

如果公牛设法将价格提高到最近的当地高价高度为88,800美元，则可以确认短期趋势逆转，并为9.4K及以后的价格开辟道路。在过去的几天中，势头激增了15％，部分受到宏观经济救济的支持，其中包括美国关税的90天停顿。

However, risks remain. Failing to hold the $82K support level would be a bearish signal, likely triggering increased selling pressure. A decisive move below $82K could drag BTC back under $80K, erasing recent gains and placing bulls on the defensive once again. With volatility still elevated and market sentiment mixed, the coming days will be crucial in determining whether BTC can sustain this upward momentum or face renewed downside.

但是，仍然存在风险。未能持有82,000美元的支持水平将是一个看跌信号，可能会触发销售压力增加。低于$ 82K的决定性举动可以将BTC拖回80,000美元以下，从而消除了最近的收益，并再次使公牛队再次处于防守状态。随着波动率仍然提升，市场情绪的混合在一起，未来几天对于确定BTC是否可以维持这种势头或面对面的不利方面至关重要。