在连续的17.39％和2.3％的逐渐降低之后

在2月和3月的连续下降17.39％和2.3％之后，比特币（BTC）

After consecutive drawdowns of 17.39% and 2.3% in February and March, Bitcoin's (BTC) Q2 is shaping up nicely, with a return of 3.77% in April. While fresh yearly lows were formed at $74,500, BTC is currently closer to $90,000 than its new range bottom.

在2月和3月的连续下降量为17.39％和2.3％之后，比特币（BTC）Q2很好地塑造了，4月份的回报率为3.77％。虽然每年的低点以74,500美元的价格形成，但BTC目前比其新范围底部的底部接近90,000美元。

Bitcoin 1-day chart. Source: Cointelegraph/TradingView

比特币1天图表。资料来源：Cointelegraph/TradingView

The cryptocurrency's higher time frame (HTF) market structure has achieved its first breakout of 2025, fueling optimism among bulls for significant upward momentum. However, the following factors might limit Bitcoin's gains over the next two weeks, likely capping its price at around $90,000.

加密货币的较高时间范围（HTF）市场结构已经达到了2025年的首次突破，这激发了公牛在巨大的向上势头中的乐观态度。但是，以下因素可能会在接下来的两周内限制比特币的收益，这可能会将其价格限制在90,000美元左右。

Can 3-month Bitcoin RSI highs counter bearish BTC price 'seasonality?'

3个月的比特币RSI高点可以反对看跌BTC的价格“季节性？”

Cointelegraph identified a cooldown period in the futures market as the BTC-USDT futures leverage ratio dropped by 50%. De-leveraging in the futures market is a positive development over the long term, but derivatives traders have taken control of the market at the time as well.

Cointelegraph确定了期货市场的冷却时间，因为BTC-USDT期货杠杆率下降了50％。从长远来看，在期货市场上掌握的是一个积极的发展，但是衍生品交易者当时也控制了市场。

Bitcoin cumulative net take volume. Source: X.com

比特币累积净量的数量。资料来源：X.com

Bitcoin researcher Axel Adler Jr. pointed out that Bitcoin's cumulative net taker volume spiked to $800 million on April 11, hinting at a surge in aggressive buying. BTC price also jumped from $78,000 to $85,000 within three days, confirming previous historical patterns where high net take volume triggers price rallies.

比特币研究员小阿克塞尔·阿德勒（Axel Adler Jr. BTC的价格也从三天内从78,000美元上涨至85,000美元，确认了以前的历史模式，高净量触发了价格集会。

Likewise, Maartunn, a community analyst at CryptoQuant, confirmed that the current rally is a "leverage-driven pump." The discrepancy arises because retail or spot traders are not as relevant.

同样，加密富裕的社区分析师Maartunn确认目前的集会是“杠杆驱动的泵”。由于零售或现货交易者没有相关性而出现差异。

Bitcoin 30-day apparent demand. Source: CryptoQuant

比特币30天的明显需求。资料来源：加密

As illustrated in the chart, Bitcoin apparent demand is on a recovery path, but it is not net positive yet. Historically, 30-day apparent demand can move sideways for a prolonged period after BTC reaches a local bottom, leading to a sideways chop for the crypto.

如图所示，比特币明显的需求是在恢复路径上，但尚未净正。从历史上看，在BTC到达当地底部后，长时间的需求可以长时间向侧面移动，从而导致加密货币的侧面切碎。

Thus, it is less likely that Bitcoin could breach $90,000 in the first attempt after dropping close to 20% until there is collective buying pressure from both spot and futures markets.

因此，在近20％下降了20％之后，比特币在第一次尝试中违反90,000美元的可能性较小，直到现货和期货市场都有集体购买压力。

Large liquidation clusters between $80-$90K may bait traders

大型清算集群在$ 80- $ 90K之间，可以诱饵交易者

With futures traders positioning in either direction, data from CoinGlass highlighted significant cumulative long and short liquidation leverage between $80,000 and $90,000. Taking $85,100 at the base price, total cumulative short positions at risk of liquidation are at $6.5 billion if BTC price hits $90,035.

随着期货交易者的定位，Coinglass的数据强调了累积的长长和短清算杠杆率在80,000美元至90,000美元之间。如果BTC价格上涨90,035美元，则以基本价格的价格为85,100美元，总累计短额头寸为65亿美元。

Bitcoin exchange liquidation map. Source: CoinGlass

比特币交换清算图。资料来源：小店

On the other hand, $4.86 billion in long orders will be wiped out if BTC drops to $80,071. While liquidation clusters do not determine directional bias, they can create long or short squeezes, baiting traders on either side of respective trades.

另一方面，如果BTC降至80,071美元，将消除48.6亿美元的长订单。尽管清算簇不能确定方向性偏差，但它们可以产生长或短的挤压，从而在各个交易的两边诱饵交易者。

With such high capital at risk under $90,000, it is possible that Bitcoin may target each cluster before moving toward the dominant side.

由于如此高的资本低于90,000美元的风险，比特币可能会在朝着主导方面迈进。

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

本文不包含投资建议或建议。每个投资和交易举动都涉及风险，读者在做出决定时应进行自己的研究。