在过去的96小时内，超过21,000个比特币转移到交易所，标志着交换储量的重大尖峰

从历史上看，这种流入通常表示卖方压力的增长，尤其是当交易者预计本地顶级时。

Over the last 96 hours, over 21,000 Bitcoin [BTC]have been transferred to exchanges, leading to a significant spike in exchange reserves, according to Glassnode.

据GlassNode称，在过去的96小时中，超过21,000比特币[BTC]已转移到交换中，导致了交换储量的巨大尖峰。

Historically, such large-scale inflows often signal growing sell-side pressure, especially when traders anticipate local tops or anticipate liquidating their positions.

从历史上看，如此大规模的流入通常表明卖方压力增加，尤其是当交易者预计本地上衣或预计清算其头寸时。

Bitcoin is struggling to gain momentum after a recent dip that fell short of tagging the $79,000 support, trading at a glance glance at the $83,700 mark. As the market anticipates a decisive move, these persistent inflows could be a deciding factor in triggering a correction or continuing the rally.

在最近的一次下跌案中，比特币正努力获得势头，而该下降幅度不足，这是79,000美元的支持，一目了然，一眼就达到了83,700美元。正如市场预期的那样，这些持续的流入可能是触发纠正或继续集会的决定因素。

Bitcoin struggles to break free after a recent setback

在最近的挫折之后，比特币努力挣脱

On the 4-hour chart, Bitcoin appears to be forming a textbook cup and handle pattern, which traditionally signals a potential bullish continuation after a period of consolidation.

在4小时的图表上，比特币似乎正在形成一个教科书杯和手柄模式，传统上标志着一段时间的整合后潜在的看涨延续。

At the time of writing, BTC traded at $85,138.04, posting a modest 1.02% gain. The pattern’s neckline sat at the $88,860 level—a key resistance zone that must be cleared to fully complete the pattern and might be encountered if buyers attempt to push higher.

在撰写本文时，BTC的交易价格为85,138.04美元，收益率为1.02％。该图案的领口坐落在$ 88,860的水平上，这是一个键阻力区，必须清除以完全完成图案，如果买家试图推高更高，则可能会遇到。

If this barrier is breached, it could trigger a wave of buying pressure, ultimately leading to a breakout toward new highs. However, the pattern has yet to complete, and the handle portion remains sensitive to broader market sentiment.

如果这种障碍被破坏，它可能会触发一波购买压力，最终导致新高点的突破。但是，该模式尚未完成，手柄部分仍然对更广泛的市场情绪敏感。

If bulls fail to build enough momentum and push through this barrier, Bitcoin could pull back toward the $81,535 support level, which has proven resilient in previous dips.

如果公牛队无法建立足够的动力并贯穿这一障碍，则比特币可以向后驶向81,535美元的支撑水平，这在先前的下降中证明了弹性。

Bitcoin 4-hour chart (from TradingView)

比特币4小时图表（来自TradingView）

Is momentum running out?

动量耗尽吗？

Market sentiment showed no clear direction at press time, with bulls and bears perfectly matched at 130 each over the past seven days, according to the Fear & Greed Index. This equilibrium indicated deep uncertainty in the market, where any minor event could tip the scales sharply.

根据恐惧和贪婪的指数，市场情绪在发稿时没有明确的指导，在过去的七天中，公牛和熊队的匹配度为130。这种均衡表明市场上的不确定性深度不确定性，任何次要事件都可以急剧尖锐。

At the same time, Bitcoin’s network activity has dropped significantly, approaching historic lows seen in 2018 and 2021, according to CryptoQuant’s analysis.

同时，根据CryptoQuant的分析，比特币的网络活动已大大下降，接近2018年和2021年的历史低谷。

A decline in on-chain engagement often reflects reduced user demand and weak market participation. However, renewed volume or institutional buying could quickly reverse this decline.

链上参与度的下降通常反映出用户需求减少和市场参与疲软。但是，更新的数量或机构购买可能会迅速扭转这一下降。

Bitcoin active addresses (from CryptoQuant)

比特币活动地址（来自加密量）

Whale buying intensifies despite selling pressure

尽管卖出压力，鲸鱼的购买仍加剧

Despite the selling pressure signaled by rising exchange reserves, whales and institutions appear to be accumulating aggressively. Glassnode data shows wallets holding over 10,000 BTC increasing their holdings, pushing the accumulation score close to 0.6. This signals a strong preference for accumulating coins at these price levels.

尽管销售压力通过增加的交换储备表明，但鲸鱼和机构似乎正在积极积累。玻璃节数据显示，持有超过10,000 BTC的钱包增加了其持有量，将累积评分推向接近0.6。这表明在这些价格水平上积累硬币的强烈偏爱。

Moreover, Tether has reportedly bought $750 million worth of BTC in 2025, now holding over 100,000 BTC valued at $8.5 billion. Additionally, Bitwise entered the accumulation phase with a $24.5 million purchase, further highlighting sustained long-term confidence in Bitcoin.

此外，据报道，Tether在2025年购买了价值7.5亿美元的BTC，现在持有100,000多个BTC，价值85亿美元。此外，Bitwise以2450万美元的价格进入了积累阶段，进一步强调了对比特币的长期信心。

Finally, the stock-to-flow ratio has dropped 71.43% in the past 24 hours, sitting at 907.2K at press time. This metric, used to evaluate scarcity by comparing circulating supply to the rate of new issuance, usually moves slowly. A drop of this size suggests either market saturation or temporary doubt in scarcity as a value driver. Nevertheless, many investors still see current levels as a strategic buying opportunity.

最终，在过去的24小时内，股票与流量比下降了71.43％，发稿时为907.2k。该指标用于通过比较循环供应与新发行率进行比较，通常会缓慢移动。这种尺寸的下降表明市场饱和或暂时怀疑是价值驱动力。尽管如此，许多投资者仍然将当前水平视为战略购买机会。

This analysis suggests that despite the potential for a short-term correction due to selling pressure signaled by rising exchange reserves and weak network activity, strong whale accumulation and continued institutional buying provide a solid cushion that could limit the downside.

该分析表明，尽管由于销售压力的销售压力增加，交换储备和网络活动疲软，强劲的鲸鱼积累和持续的机构购买可能会进行短期校正，这可能会限制下跌。

Therefore, while short-term market direction remains uncertain and could favor a pullback, the broader bullish structure and long-term outlook for Bitcoin appear to be firmly intact.

因此，尽管短期市场的方向仍然不确定并且可能倾向于回调，但比特币的更广泛的看涨结构和长期前景似乎完全完好无损。