比特币零售投资者的需求最近转移到了0％左右的中性区域

比特币散户投资者的需求最近转移到了0％左右的中性区域。从历史上看，该指标的变化对BTC的价格轨迹产生了相关的影响。

Retail investor demand for Bitcoin (BTC) recently shifted back towards the neutral zone around 0%. Changes in this metric have often had a correlated impact on BTC's price trajectory.

散户投资者对比特币（BTC）的需求最近向中性区域转移到0％左右。该指标的变化通常会对BTC的价格轨迹产生相关的影响。

A recovery in retail demand could be a factor in the short-term bullish outlook.

零售需求的恢复可能是短期看涨前景的一个因素。

What Happened: According to Glassnode's latest analysis, the Bitcoin relative demand balance, a measure of retail investor sentiment, has shifted back towards the neutral zone after a steep decline.

发生了什么：根据GlassNode的最新分析，比特币相对需求平衡是零售投资者情绪的衡量标准，在大幅下降后已转移到中立区。

This shift follows a period of sustained negative sentiment, which saw the balance decrease to -21% in July 2024, marking a significant shift in investor sentiment.

这一转变是在一段持续的负面情绪之后，在2024年7月，余额下降至-21％，这标志着投资者情绪的重大转变。

Retail demand is known to have a delayed response in price adjustment, which could be a factor in the short-term bullish outlook for Bitcoin.

众所周知，零售需求在价格调整方面的响应延迟，这可能是比特币短期看涨前景的一个因素。

If this pattern holds, there could be a delayed response in price adjustment to this shift in sentiment, potentially signaling a bullish outlook in the short-term future.

如果这种模式成立，对这种情绪转变的价格调整可能会延迟响应，这可能会在短期未来表明看涨的前景。

However, the substantial volatility in retail investor sentiment also presented a risk of rapid sentiment reversal, which could lead to sudden price declines if negative trends re-emerge or external market forces exert downward pressure.

但是，散户投资者情绪的实质性波动也出现了快速情绪逆转的风险，这可能导致价格突然下降，如果负面趋势重新出现或外部市场力量施加向下压力。

Further analysis of the Bitcoin Sell-Side Risk Ratio showed a decrease to historically low levels, suggesting a local bottom and signals an accumulation phase with reduced selling pressure.

对比特币卖方风险比率的进一步分析显示，历史上较低的水平降低，表明局部底部的底部，并表示累积阶段，销售压力降低。

This fall to values around 0.08% aligns with past patterns where such dips precede periods of market stabilization or bullish reversals, indicating a potentially favorable entry point for investors.

今年的价值约为0.08％，与过去的模式保持一致，在这种模式之前，此类下降之前的市场稳定或看涨逆转，这表明对投资者有可能有利的切入点。

"Every significant drop in this ratio, such as those in November 2023 and September 2024, was later followed by a gradual increase in Bitcoin's price, as seen in the subsequent months," the report said.

报告说：“这种比率的每一个大幅下降，例如2023年11月和2024年9月的比率下降，随后比特币的价格逐渐上涨，如随后的几个月所示。”

For example, the reduction in November 2023 led to a gradual recovery in price in the following months, reflecting decreased sell-side pressure and increased buying activity.

例如，2023年11月的减少导致了接下来几个月的价格逐渐恢复，反映了卖方压力下降和购买活动增加。

Conversely, while the low sell-side risk ratio suggests a bullish outlook, the opposite scenario could unfold. This could lead to sustained low prices or further declines if new negative drivers emerge, despite the current low risk of sell-side pressure.

相反，虽然低卖方风险比率表明看涨前景，但相反的情况可能会展现出来。尽管当前卖方压力的风险低，但如果新的负面驾驶员出现，这可能会导致持续的低价或进一步下降。

Where Is BTC Price Headed?

BTC价格在哪里？

For price action, BTC price is in a consolidation phase within a well-defined trading range, largely bounded by critical price levels that serve as key psychological and technical pivots.

对于价格行动，BTC价格处于定义明确的交易范围内的整合阶段，在很大程度上是由关键的心理和技术枢纽的关键价格水平界定的。

The upper boundary of the range is currently established around $99,000, where previous resistances have halted upward movements.

该范围的上限目前建立在99,000美元左右，以前的阻力已停止向上移动。

The lower boundary, providing substantial support, lies near $95,000, a level where significant buying pressure has historically materialized.

提供大量支持的下边界在95,000美元接近$ 95,000，这一水平在历史上已经实现了巨大的购买压力。

Currently trading at $95,700, Bitcoin is near the lower boundary of its recent range, suggesting a pivotal zone where traders might anticipate potential buying opportunities.

比特币目前的交易价格为95,700美元，接近其最近范围的下边界，这表明交易者可能会预期潜在的购买机会。

If Bitcoin holds the support at $95,000, an increase towards the upper boundary of $99,000 is likely. A breakout above this level could set the stage for a move towards $104,000, following the established pattern of upward breaks from this trading band.

如果比特币的支持为95,000美元，则可能会增加99,000美元的上限。超过此水平的突破可能会迈向$ 104,000的舞台，并遵循该交易乐队的向上突破模式。

Conversely, a breakdown below $95,000 could trigger a sell-off, targeting lower supports at $90,000 and $86,000, as these levels align with historical pullbacks and psychological thresholds.

相反，低于$ 95,000的细分可能会引发抛售，以较低的支持为90,000美元和86,000美元，因为这些水平符合历史回调和心理阈值。

Each time Bitcoin has tested the lower end of its current range, a recovery ensued, often reaching or surpassing the upper end.

每次比特币都测试了其当前范围的下端，随后进行了恢复，经常达到或超过上端。

However, repeated tests of support without a significant breakout above the range could weaken buyer momentum, potentially leading to a bearish downturn.

但是，在没有明显突破范围内的重复支持测试的重复测试可能会削弱买方的势头，这可能导致看跌的经济低迷。