长期持有者套现利润，比特币市场动荡

比特币资深人士从他们持有的比特币中获利，这可能预示着市场将进一步调整。支出产出利润率（SOPR）表明长期持有者抛售压力不断增加，与表明潜在市场见顶的历史趋势一致。短期持有者活动出现小幅损失，而整体市场结构仍然看涨，但价格回调仍然在可能的范围内。

Bitcoin Market Jitters as Long-Term Holders Realize Profits

长期持有者获利，比特币市场动荡

In the wake of the highly anticipated Bitcoin halving, the cryptocurrency market has been seized by a wave of uncertainty, prompting veteran investors to cash out their Bitcoin (BTC) holdings. This surge in selling pressure has cast a shadow over the future of Bitcoin's price trajectory, raising concerns about a potential market correction.

在备受期待的比特币减半之后，加密货币市场陷入了一波不确定性，促使资深投资者兑现其持有的比特币（BTC）。抛售压力的激增给比特币价格轨迹的未来蒙上了阴影，引发了人们对潜在市场调整的担忧。

SOPR Metric Signals Potential Market Top

SOPR 指标表明潜在市场顶部

The Spent Output Profit Ratio (SOPR) metric, which measures the realized profit or loss of coins moved on-chain, has reached a critical juncture. The metric's recent peak has historically preceded market tops, suggesting that a deeper correction could be on the horizon.

支出产出利润率（SOPR）指标衡量了链上移动代币的实现利润或损失，已经到了关键时刻。从历史上看，该指标近期的峰值一直先于市场见顶，这表明可能即将出现更深层次的调整。

Long-Term Holders Drive Selling Pressure

长期持有者推动抛售压力

Long-term holders (LTHs) have been the primary contributors to the increased selling pressure in recent days. Analysis of on-chain data reveals that a significant portion of the BTC being sold originates from investors who have held their coins for extended periods.

长期持有者（LTH）是最近几天抛售压力增加的主要原因。对链上数据的分析显示，出售的 BTC 很大一部分来自长期持有比特币的投资者。

Liquidation Heatmap Highlights Resistance Zone

清算热图凸显阻力区

Earlier analysis of the liquidation heatmap pinpointed the $66k-$66.8k region as a key short-term resistance level for Bitcoin. The inability of BTC to突破 this zone has heightened the likelihood of volatility in the coming days.

此前对清算热图的分析指出，66,000 美元至 66,800 美元区域是比特币的关键短期阻力位。比特币无法突破该区域，增加了未来几天波动的可能性。

SOPR Trendline Rejects Market Recovery

SOPR 趋势线拒绝市场复苏

The descending SOPR trendline from a decade ago has acted as a formidable barrier to Bitcoin's upward momentum. The metric's recent rejection from this trendline suggests that a market top may be imminent, potentially leading to a deeper correction.

十年前不断下降的 SOPR 趋势线已经成为比特币上涨势头的巨大障碍。该指标最近拒绝这条趋势线表明市场顶部可能即将到来，可能会导致更深层次的调整。

Short-Term Holders Suffer Minor Losses

短期持有者遭受轻微损失

In contrast to LTHs, short-term holders (STHs) have been selling their BTC at minor losses, with the STH SOPR dropping below 1 on April 22. This indicates that short-term investors are cashing out their positions rather than holding for potential gains.

与 LTH 相比，短期持有者 (STH) 一直在以较小的损失出售其 BTC，STH SOPR 在 4 月 22 日跌至 1 以下。这表明短期投资者正在兑现其头寸，而不是持有以获得潜在收益。

Historical Patterns Signal Potential Correction

历史模式预示着潜在的修正

The current market behavior bears striking similarities to the 2020 bull run. During that cycle, the STH SOPR remained above zero after September, while the 2021 halving occurred in May. A subsequent market correction saw this ratio fall below 1, which could foreshadow a similar trend in the current cycle.

当前的市场行为与 2020 年的牛市有着惊人的相似之处。在此周期中，STH SOPR 在 9 月后仍保持在零以上，而 2021 年减半发生在 5 月。随后的市场调整使该比率跌至 1 以下，这可能预示着当前周期中的类似趋势。

Technical Analysis Confirms Bearish Momentum

技术分析证实看跌势头

Technical analysis of Bitcoin's daily chart reveals a lack of strong momentum, with the RSI oscillating between 40 and 60 values. Additionally, the OBV has failed to surpass the highs reached in mid-March. However, the gradual increase in OBV over the past ten days indicates increased buying pressure.

比特币日线图的技术分析显示缺乏强劲动力，RSI 在 40 至 60 值之间波动。此外，OBV 未能超过 3 月中旬达到的高点。然而，过去十天OBV逐渐增加表明购买压力增加。

Market Outlook Remains Uncertain

市场前景仍不明朗

Overall, the market outlook for Bitcoin remains uncertain. While the higher timeframe trend remains bullish, the surge in selling pressure from LTHs and the rejection of the SOPR trendline suggest that a price correction is possible. The upcoming halving event is likely to introduce further volatility, making it crucial for investors to exercise caution and monitor market developments closely.

总体而言，比特币的市场前景仍然不确定。虽然较高的时间框架趋势仍然看涨，但来自 LTH 的抛售压力激增以及 SOPR 趋势线的拒绝表明价格可能会出现回调。即将到来的减半事件可能会带来进一步的波动，因此投资者必须保持谨慎并密切关注市场发展。