加密货币正在下降，比特币低于$ 91,000：这只是一个更正还是趋势逆转的开始？

加密货币正在经历新的残酷波动，摇晃一个已经因宏观经济不确定性而削弱的市场。

The cryptos are experiencing a new episode of brutal volatility, shaking a market already weakened by macroeconomic uncertainties. Solana collapses by 14 %, XRP and Dogecoin drop by over 8 %, while Bitcoin falls below $91,000. This movement, amplified by massive liquidation, raises questions about the resilience of these assets in the face of global economic pressures. Thus, the question now is whether this drop is a mere correction or the beginning of a trend reversal.

加密货币正在经历新的残酷波动，摇晃一个已经因宏观经济不确定性而削弱的市场。 Solana倒塌了14％，XRP和Dogecoin下降了8％以上，而比特币低于91,000美元。大规模清算的放大，这一运动引发了有关面对全球经济压力的这些资产弹性的疑问。因此，现在的问题是这种下降是仅仅是校正还是趋势逆转的开始。

A brutal correction of altcoins and a Bitcoin under pressure

在压力下对山寨币和比特币进行残酷校正

The crypto market is plagued by violent turbulence. Solana (SOL) drops 14 % in one day, bringing its weekly losses to over 20 %. This plunge is part of a generalized liquidation movement that also affects XRP, Dogecoin, and Ethereum, which are down by over 8 %. Indeed, the CoinDesk 20 index, which tracks the largest market capitalizations in the sector, reflects this trend with a decline of more than 7 % for the day.

加密市场受到暴力动荡的困扰。 Solana（Sol）一天内下降了14％，每周损失至20％以上。这种暴跌是一种广泛的清算运动的一部分，它也影响XRP，Dogecoin和以太坊，它们下降了8％以上。的确，跟踪该行业最大的市值的Coindesk 20指数反映了这一趋势，当天下降了7％以上。

Bitcoin, for its part, has plunged below the $92,000 threshold for the first time since November, threatening a potential bearish breakout after three months of consolidation between $90,000 and $110,000. Such a drop heightens tensions in the market, already weakened by the absence of clear bullish signals. “The current bearish sentiment may be exaggerated,” moderates Jeff Mei, COO of the BTSE exchange, who believes that upcoming macroeconomic decisions could offer a rebound.

就11月以来，比特币首次低于92,000美元的门槛，威胁到三个月的合并在90,000美元至110,000美元之间的潜在看跌。这样的下降加剧了市场上的紧张局势，由于缺乏明显的看涨信号，已经削弱了。 BTSE Exchange的首席运营官杰夫·梅（Jeff Mei）认为，“目前的看跌情绪可能被夸大了，”他认为即将实现的宏观经济决定可能会带来反弹。

Massive liquidations in cascade

级联的大量清算

In this climate of panic, liquidations are multiplying. Nearly one billion dollars of positions have been liquidated in 24 hours, according to CoinGlass data. Among them, $277 million concern long positions on Bitcoin, proof of a market caught off guard by the brutality of the movement. Altcoins are not spared either, with chain sales accelerating the correction.

在这种恐慌的气候下，清算正在繁殖。根据Coinglass数据，在24小时内清算了将近十亿美元的职位。其中，2.77亿美元关注比特币的长位职位，证明了该运动的残酷行为使市场措手不及。 AltCoins也无法幸免，连锁销售加速了更正。

This phenomenon is not unprecedented, as in a crypto market often dominated by leverage, such liquidations mechanically amplify downward movements. However, beyond the technical effect, this correction fits into a broader economic context that weighs on risky assets.

这种现象不是前所未有的，因为在通常由杠杆作用的加密货币市场中，这种清算机械地放大了向下运动。但是，除了技术效应之外，这种校正还适合更广泛的经济背景，这种经济背景影响了风险的资产。

Indeed, Bitcoin has been trading between $90,000 and $110,000 for nearly three months, struggling to regain a sustainable bullish momentum. The Bitfinex Alpha report from February 24, 2025 highlights that “Bitcoin remains at a critical turning point after nearly 90 days of consolidation”. Furthermore, Bitfinex analysts note that “the momentum needed for a sustainable bullish break has been lacking, leading to a period of contraction and consolidation across almost all major crypto assets”.

的确，近三个月的比特币在90,000美元至110,000美元之间的交易，努力恢复可持续的看涨势头。 Bitfinex Alpha的报告从2025年2月24日起，强调“比特币在固结近90天后仍然处于关键的转折点”。此外，Bitfinex分析师指出：“缺乏可持续看涨的休息所需的势头，导致几乎所有主要加密资产的收缩和巩固时期。”

In the last 24 hours, Bitcoin has dropped more than 4.5 %, reaching a low of just under $91,000 since late November, indicates CoinGecko. At the same time, the total market capitalization of crypto has fallen by 8%, from over $3.31 trillion to about $3.09 trillion.

在过去的24小时内，比特币下降了4.5％以上，自11月下旬以来，比特币的低点低于91,000美元。同时，加密货币的总市值下降了8％，从3.31万亿美元降至约3.09万亿美元。

A correlation with traditional markets and capital flight

与传统市场和资本飞行的关联

If cryptos are plunging, it is not solely due to internal factors. The crypto market shows an increasing correlation with stock markets, which have also been declining in recent days. The S&P 500 is down 2.3 % over a week, while the Nasdaq drops by 4 %, indicating a growing risk aversion. This trend slows incoming flows into crypto, already affected by a decline in institutional interest.

如果加密货币崩溃，则不仅仅是由于内部因素所致。加密市场显示与股票市场的相关性越来越高，最近几天也一直在下降。标准普尔500指数在一周内下降了2.3％，而纳斯达克股票下降了4％，表明规避风险的增长。这种趋势减慢了传入流入加密货币，已经受到机构利益下降的影响。

As evidenced by the figures of Bitcoin ETFs, which recorded net outflows of $552.5 million over the past week. The easing of institutional demand, which drove the market up in 2024, is a critical signal for investors who hoped to see these new products sustainably support prices.

比特币ETF的数字证明了这一点，在过去一周中，净流出量为5.525亿美元。对于希望看到这些新产品可持续支持价格的投资者而言，机构需求的缓解是在2024年推动了市场的关键信号。

Inflation and Economic Uncertainties : A Detrimental Climate for Cryptos

通货膨胀和经济不确定性：加密货币的有害气候

While this correction seems brutal, it is not entirely unexpected. Inflationary tensions and the economic slowdown have contributed to a repositioning of capital towards less risky assets. Augustine Fan, head of analysis at SignalPlus, specifies that “the sentiment of economic slowdown dominates the markets, with strengthened correlations between stocks, bonds, and cryptos. This explains why we are observing this synchronized correction across all assets.”

虽然这种纠正似乎是残酷的，但并不是完全出乎意料的。通货膨胀张力和经济放缓已导致资本重新定位到风险较小的资产上。 SignalPlus分析主管Augustine Fan指出：“经济放缓的观点在市场上占主导地位，并加强了股票，债券和加密货币之间的相关性。这解释了为什么我们在所有资产中观察到这种同步校正。”

In the United States, the latest consumer price index (CPI) figures show sustained inflation, with a 0.5 % increase over the month in January, compared to a forecast of 0.3 %. Such progress complicates the task for the Federal Reserve, which may have to extend its high interest rate policy, thus curbing appetite for speculative assets.

在美国，最新的消费者价格指数（CPI）的数据显示，持续的通货膨胀率，一月份比该月增长了0.5％，而预测为0.3％。这种进展使美联储的任务变得复杂，美联储可能必须扩大其高利率政策，从而遏制对投机资产的需求。

The announcement of new American tariffs on Canadian and Mexican imports, confirmed by Donald Trump during his speech with Emmanuel Macron, adds an extra layer of uncertainty. “This stagnation in traditional markets has echoed in cryptos,” explain analysts from Bitfinex, who emphasize that the American economy is undergoing a period of weakness marked by a decline in consumer confidence and a slowdown in growth.

唐纳德·特朗普（Donald Trump）在对伊曼纽尔·马克龙（Emmanuel Macron）的演讲中确认，宣布对加拿大和墨西哥进口的新美国关税，这增加了额外的不确定性。 Bitfinex的分析师解释说：“传统市场的停滞在加密货币中呼应。

The massive liquidation

大量清算