比特币矿工出售超过 3,000 枚 BTC，表明市场进入整合阶段可能出现短期暂停

尽管如此，有迹象表明，随着市场进入整合阶段，可能会出现短期暂停。影响这一转变的关键因素来自比特币矿工

Bitcoin sell-offs by miners might indicate an upcoming pause in the market. As Bitcoin fiyatı reached new all-time highs in recent weeks, so did the miner outflows, reflecting a common strategy among miners to sell a portion of their holdings during bull markets.

矿工抛售比特币可能预示着市场即将暂停。随着比特币价格在最近几周创下历史新高，矿商的资金流出也随之增加，这反映出矿商在牛市期间出售部分资产的共同策略。

According to the Bitcoin Liquid Index by Brave New Coin, over 3,000 BTC, valued at approximately $273 million at the time, were sold by miners within 48 hours on November 17. This sell-off activity could signal a potential short-term pullback in the market.

根据 Brave New Coin 的比特币流动性指数，11 月 17 日，矿工在 48 小时内抛售了超过 3,000 个 BTC，当时价值约 2.73 亿美元。这种抛售活动可能预示着比特币可能出现短期回调。市场。

However, analyst Ali Martinez highlighted that this sell-off by miners is a typical occurrence during bull markets. Usually, miners, who are considered long-term holders, tend to sell some of their Bitcoin holdings as the price rapidly increases.

然而，分析师阿里·马丁内斯强调，矿商的抛售是牛市期间的典型现象。通常，被视为长期持有者的矿工往往会随着价格迅速上涨而出售部分比特币。

As these miners sell their Bitcoin, it increases the market supply, which often leads to periods of cooling or price corrections in the market. While these sell-offs are common throughout market cycles, they don’t necessarily indicate bearish trends.

当这些矿工出售比特币时，就会增加市场供应，这通常会导致市场降温或价格调整。虽然这些抛售在整个市场周期中很常见，但它们并不一定表明看跌趋势。

Instead, they suggest that the market might be entering a phase of consolidation, allowing it to absorb the recent gains, test support levels, and build a stronger foundation for future growth.

相反，他们认为市场可能正在进入盘整阶段，从而吸收近期的涨幅，测试支撑位，并为未来的增长奠定更坚实的基础。

Despite the added supply from these miner sell-offs, Bitcoin’s ability to maintain its price above the $98,000 level on November 18 reflects continued confidence in the market.

尽管这些矿商抛售导致供应量增加，但比特币价格在 11 月 18 日仍能维持在 98,000 美元以上的水平，反映了市场的持续信心。

Bitcoin’s Network Health Remains Strong Despite Sell-Offs

尽管遭到抛售，比特币的网络健康状况仍然强劲

While some miners are selling their holdings, the fundamentals of the Bitcoin network continue to show strength. The Bitcoin hashrate, a key indicator of network security and competition, keeps reaching new all-time highs.

尽管一些矿工正在出售其持有的资产，但比特币网络的基本面继续表现出强劲的势头。比特币算力是网络安全和竞争的关键指标，不断创出历史新高。

This growth in the hashrate suggests that miners still have faith in Bitcoin’s long-term potential, despite engaging in short-term sell-offs. Stronger network security is essential for any cryptocurrency, and the current surge bodes well for Bitcoin’s future outlook.

算力的增长表明，尽管进行了短期抛售，矿商仍然对比特币的长期潜力充满信心。更强的网络安全对于任何加密货币都至关重要，当前的飙升预示着比特币的未来前景。

Despite the sell-offs by some miners, Bitcoin’s network health and upward momentum are still present. Recent price gains have pushed Bitcoin to record highs, attracting attention and boosting investor confidence in the market.

尽管一些矿商抛售比特币，但比特币的网络健康状况和上涨势头仍然存在。最近的价格上涨推动比特币创下历史新高，吸引了人们的关注并增强了投资者对市场的信心。

As Bitcoin consolidates around the $98,000 level following an impressive rally, the market is stabilizing, filtering out weaker positions, and building a foundation for future price movements.

随着比特币在经历令人印象深刻的反弹后在 98,000 美元水平附近盘整，市场正在企稳，过滤掉较弱的头寸，并为未来的价格走势奠定基础。

Support levels between $88,000 and $90,000 will be crucial in determining the next market direction. These levels will indicate whether a deeper correction is likely or if the market is preparing for further growth.

88,000 美元至 90,000 美元之间的支撑位对于确定下一个市场方向至关重要。这些水平将表明是否可能出现更深层次的调整，或者市场是否正在为进一步增长做好准备。

If Bitcoin manages to maintain support at these levels, the chances of a breakout above $100,000 might increase as this pause in the market’s rapid ascent could be crucial before another price surge.

如果比特币能够维持在这些水平的支撑位，那么突破 10 万美元以上的机会可能会增加，因为在价格再次飙升之前，市场快速上涨的暂停可能至关重要。

Historically, after periods of consolidation, Bitcoin has shown resilience and often reached new all-time highs. Despite some short-term pressure, the overall market sentiment remains positive.

从历史上看，经过一段时间的盘整后，比特币表现出了弹性，并经常创下历史新高。尽管存在一些短期压力，但整体市场情绪仍然乐观。

Bitcoin Rally Imminent After Golden Cross?

金十字后比特币反弹即将到来？

In the midst of this consolidation, one other factor is adding to the optimism. On November 18, CryptoQuant, an on-chain analytics platform, highlighted a rare “golden cross” in Bitcoin’s Puell Multiple, a key indicator of mining profitability.

在这种整合过程中，另一个因素也增加了乐观情绪。 11 月 18 日，链上分析平台 CryptoQuant 强调了比特币普埃尔倍数中罕见的“黄金十字”，这是挖矿盈利能力的关键指标。

This metric measures the daily value of mined Bitcoin against its 365-day moving average. Historically, when the metric rises above the moving average, it has been followed by significant price surges.

该指标根据 365 天移动平均线衡量开采的比特币的每日价值。从历史上看，当该指标升至移动平均线之上时，价格就会大幅上涨。

According to CryptoQuant, in the past five years, the Puell Multiple has crossed the 365-day moving average only three times, and each time, it has triggered substantial Bitcoin price increases.

根据 CryptoQuant 的数据，在过去的五年里，Puell Multiple 只跨越了 365 天移动平均线 3 次，而每一次，都引发了比特币价格的大幅上涨。

“It is a crucial indicator for evaluating mining profitability,” noted CryptoQuant contributor Burakkesmeci.

CryptoQuant 撰稿人 Burakkesmeci 指出：“这是评估挖矿盈利能力的关键指标。”

For example, when the Puell Multiple crossed the moving average in March 2019, Bitcoin went on to rally by 83%. In January 2020, a similar event preceded a 113% surge, and in January 2024, the metric again signaled a 76% return.

例如，当普埃尔倍数在 2019 年 3 月突破移动平均线时，比特币继续上涨 83%。 2020 年 1 月，类似的事件导致了 113% 的飙升，而在 2024 年 1 月，该指标再次显示出 76% 的回报。

The data points to a historical average price increase of around 90% following such golden crosses, adding weight to the argument that a major rally could be imminent.

数据显示，在此类黄金交叉之后，历史平均价格上涨了 90% 左右，这进一步证明了大幅上涨可能即将到来的论点。

CryptoQuant also pointed out that favorable macroeconomic conditions play a crucial role in boosting the chances of a breakout. With the current market environment, including low interest rates and growing institutional interest in Bitcoin, the conditions seem ripe for another strong bull run as the Puell Multiple continues to rise, increasing the likelihood of Bitcoin seeing another major price surge.

CryptoQuant还指出，有利的宏观经济条件在提高突破机会方面发挥着至关重要的作用。在当前的市场环境下，包括低利率和机构对比特币的兴趣不断增长，随着普埃尔倍数持续上升，另一场强劲牛市的条件似乎已经成熟，增加了比特币价格再次大幅上涨的可能性。