随着机构兴趣的增长，比特币克服了看跌压力，飙升至 7 万美元以上

尽管近期面临熊市压力，比特币 (BTC) 仍维持在 70,000 美元以上，这表明比特币具有韧性并重新燃起机构兴趣。作为机构购买指标的 Coinbase 溢价缺口已转为正数，表明潜在资金流入现货比特币 ETF。 Ryze Labs 的分析师观察到，对冲基金卖空和资产管理公司买入期货之间的差距不断扩大，暗示潜在的空头挤压可能会推动 BTC 价格上涨。

Despite determined efforts by bears to gain a foothold in the Bitcoin (BTC) market over the past 24 hours, the resilient support at the intraday low of $69,601 held firm. Bitcoin's remarkable ability to maintain its value above the $70,000 mark has garnered significant attention, particularly in light of Coinbase data indicating renewed interest from institutional investors. At the time of this report's preparation, BTC was trading at $70,300, representing a modest 0.25% increase from its intraday low.

尽管空头在过去 24 小时内竭尽全力在比特币 (BTC) 市场站稳脚跟，但盘中低点 69,601 美元的弹性支撑依然坚挺。比特币将其价值维持在 70,000 美元以上的非凡能力引起了广泛关注，特别是考虑到 Coinbase 数据显示机构投资者重新燃起了兴趣。在撰写本报告时，BTC 交易价格为 70,300 美元，较盘中低点小幅上涨 0.25%。

BTC/USD 24-hour price chart (source: CoinMarketCap)

BTC/USD 24小时价格图（来源：CoinMarketCap）

Coinbase Premium Gap Signals Institutional Interest

Coinbase 溢价差距表明机构兴趣

The Coinbase premium gap, a metric that gauges the price differential between Coinbase Pro and Binance, has once again turned positive, indicating increased buying pressure from institutional investors. This indicator is widely regarded as a reliable barometer of institutional activity in the Bitcoin market.

Coinbase 溢价差距（衡量 Coinbase Pro 和 Binance 之间价格差异的指标）再次转为正值，表明机构投资者的购买压力增加。该指标被广泛认为是比特币市场机构活动的可靠晴雨表。

Maartunn, an esteemed on-chain analyst, suggests that the uptick in the premium gap may signal renewed buying activity by US institutions. This could potentially translate into significant inflows into spot Bitcoin ETFs in the coming week, particularly in anticipation of the expected Bitcoin halving event scheduled for mid-April.

受人尊敬的链上分析师 Maartunn 表示，溢价差距的扩大可能预示着美国机构重新开始购买活动。这可能会在未来一周转化为大量资金流入现货比特币 ETF，特别是考虑到预计将于 4 月中旬发生的比特币减半事件。

Analysts Remain Bullish on BTC Price

分析师仍然看好比特币价格

Analysts at Ryze Labs have observed a widening gap between hedge funds (in purple) and asset managers (in red). "This divergence suggests that while asset managers continue to acquire Bitcoin futures, hedge funds are increasingly engaging in short-selling. In the current bullish climate, this dynamic hints at the potential for a short squeeze, which could propel Bitcoin's next upward surge," they assert.

Ryze Labs 的分析师观察到对冲基金（紫色）和资产管理公司（红色）之间的差距不断扩大。 “这种差异表明，虽然资产管理公司继续购买比特币期货，但对冲基金却越来越多地参与卖空。在当前的看涨气氛下，这种动态暗示着可能出现轧空，这可能会推动比特币的下一次上涨。”他们断言。

Michael van de Poppe, a prominent analyst, has attributed Bitcoin's recent sideways movement to a period of consolidation near the $70K mark. However, he maintains that Bitcoin remains on track to follow its general 4-year cycle trajectory. "Honestly, this cycle will likely surprise many. In five years' time, $70,000 per Bitcoin will be considered cheap," he added.

著名分析师 Michael van de Poppe 将比特币近期的横盘走势归因于 7 万美元大关附近的盘整期。然而，他坚称比特币仍有望遵循其总体的 4 年周期轨迹。 “老实说，这个周期可能会让很多人感到惊讶。五年后，每个比特币 70,000 美元将被认为是便宜的，”他补充道。

Amidst the speculation, futures and options buying have remained subdued due to holiday factors and traders anticipating further price dips. CME BTC futures open interest declined by 0.32% to $11.64 billion, while total BTC options open interest fell from $32.31 billion to $21.52 billion.

在投机活动中，由于假期因素和交易员预计价格进一步下跌，期货和期权买盘仍然低迷。 CME BTC 期货未平仓合约下降 0.32% 至 116.4 亿美元，而 BTC 期权未平仓合约总额从 323.1 亿美元下降至 215.2 亿美元。

MicroStrategy's Overvaluation Concerns

MicroStrategy 的估值过高担忧

MicroStrategy's substantial Bitcoin acquisitions have catapulted its stock price to unprecedented heights. With the company's total Bitcoin holdings surpassing 214,000 BTC, equivalent to approximately 1% of the maximum Bitcoin supply, attention has turned to the impact of this accumulation on the firm's stock performance and financial health.

MicroStrategy 大量收购比特币，使其股价飙升至前所未有的高度。随着该公司的比特币总持有量超过 214,000 BTC，相当于比特币最大供应量的 1% 左右，人们的注意力已经转向这种积累对公司股票表现和财务健康状况的影响。

Despite MicroStrategy's bullish outlook and impressive Bitcoin holdings, concerns have emerged regarding the overvaluation of its stock. According to 10x Research, a reputable crypto research firm led by Markus Thielen, MicroStrategy shares are estimated to be overvalued by as much as 60% based on regression with Bitcoin. When assessed against the company's actual Bitcoin holdings, the overvaluation jumps to nearly 100%.

尽管 MicroStrategy 前景看好，比特币持有量也令人印象深刻，但对其股票估值过高的担忧还是出现了。根据由 Markus Thielen 领导的著名加密货币研究公司 10x Research 的数据，根据比特币的回归，MicroStrategy 的股票估计被高估了 60%。当根据该公司实际持有的比特币进行评估时，高估率跃升至近 100%。

Thielen's analysis implies that MicroStrategy's stock price may not accurately reflect its intrinsic value, given its heavy reliance on Bitcoin's performance. While MicroStrategy has become a standard-bearer for Bitcoin enthusiasts in the corporate sector, questions linger about whether its meteoric stock price surge aligns with fundamental market principles.

Thielen 的分析表明，鉴于 MicroStrategy 严重依赖比特币的表现，其股价可能无法准确反映其内在价值。尽管 MicroStrategy 已成为企业界比特币爱好者的旗手，但其股价飙升是否符合基本市场原则仍存在疑问。

Bitcoin Price Outlook

比特币价格展望

Despite recent volatility, Bitcoin's price has maintained its position above $70,000, with critical support levels holding firm. Analysts are closely monitoring the weekly, monthly, and quarterly candle closes as potential signposts of future price movements. A weekly candle close above the crucial $70,000 support level could pave the way for further upside potential, with some analysts envisioning a target of $97,000 in the near term.

尽管最近出现波动，比特币的价格仍维持在 70,000 美元以上，关键支撑位保持坚挺。分析师正在密切关注每周、每月和每季度的蜡烛收盘价，将其作为未来价格走势的潜在指标。每周蜡烛收盘价高于关键的 70,000 美元支撑位可能为进一步的上涨潜力铺平道路，一些分析师预计近期目标为 97,000 美元。

The Titan of Crypto, another renowned analyst, has shared profound insights into Bitcoin's potential trajectory, suggesting that $97,000 could be the next milestone. Despite the recent appearance of a death cross on the daily timeframe, the expert believes that a bull flag pattern is emerging, signaling an upward trend. However, investors are advised to exercise caution and await confirmation in the coming days to determine the true nature of the death cross.

另一位著名分析师、加密货币泰坦分享了对比特币潜在轨迹的深刻见解，表明 97,000 美元可能是下一个里程碑。尽管最近在日线图上出现了死亡交叉，但专家认为牛旗形态正在出现，预示着上升趋势。不过，建议投资者谨慎行事，等待未来几天的确认，以确定死亡交叉的真实性质。

Speculating on the next move, the Titan suggests that a weekly candle closure above the critical $70,000 support could pave the way for the ambitious target of $97k. This prediction stands out due to the apparent extreme bullish momentum in the market. The analyst ventures further, stating that, given the current robust momentum, there is a noteworthy possibility that the projected $97k target might be attained even before the halving event.

猜测下一步走势，泰坦表示，每周蜡烛收盘价高于关键的 70,000 美元支撑位可能为雄心勃勃的 97,000 美元目标铺平道路。由于市场明显的极端看涨势头，这一预测脱颖而出。该分析师进一步指出，鉴于当前的强劲势头，即使在减半事件之前也有可能实现预计的 9.7 万美元目标。