尽管表现令人失望，但比特币（BTC）和Ether（ETH）仍然看涨到第二季度

到3月底只有一个多星期的时间，第一季度一直令人失望，特别是在价格行动方面而不是叙述方面

With just over a week to go until the end of March, the first quarter has been a disappointing one, particularly in terms of price action rather than narrative for the crypto industry.

到3月底，只有一个多星期的时间，第一季度是令人失望的，尤其是在价格行动方面，而不是对加密行业的叙述。

Bitcoin (BTC) has dropped 10%, its worst first-quarter performance since 2020, and ether (ETH) has posted the weakest opening three months of the year since the world's second-largest cryptocurrency launched in 2015. So far, bitcoin has been relatively steady in March.

比特币（BTC）下降了10％，这是自2020年以来最糟糕的第一季度表现，Ether（ETH）发布了自2015年全球第二大加密货币以来，这是一年中最弱的三个月开业。

Markets remain in the latter stages of President Donald Trump’s first 100 days in office, a period historically marked by uncertainty and volatility. This is expected to persist at least through the end of April.

市场仍处于总统唐纳德·特朗普（Donald Trump）任职前100天的后期，这一时期历史上以不确定性和波动性为特征。预计至少在4月底将持续存在。

As quarter-end approaches, negative liquidity and position management could lead to increased volatility and whipsaw price action, according to the London Crypto Club, founders of a trading newsletter.

据伦敦加密通讯的创始人伦敦加密俱乐部（London Crypto Club）称，随着四分之一端的途径，负面流动性和职位管理可能会导致波动性的增加和鞭打价格行动。

Despite short-term weakness, the pair maintain a bullish outlook heading into the second quarter. A slightly more dovish tone from the Federal Reserve at its March meeting — even without actual rate cuts — combined with a weakening U.S. dollar, increased fiscal spending in the European Union and a U.S. economy that is slowing but not collapsing, are all factors they say will support a strong three months.

尽管短期弱点，但两人在第二季度仍保持看涨的前景。美联储在3月的会议上（即使没有实际削减税率），加上美元疲软，欧盟的财政支出增加以及美国经济放缓但不崩溃的美国经济的较肮脏的语气，这都是他们说的所有因素，都是他们说的所有因素都将支持三个月的强劲。

Bitcoin began to sell off on Thursday following Trump’s lack of a concrete update on a bitcoin strategic reserve or a tax-free crypto capital gains policy.

在特朗普缺乏对比特币战略储备或免税加密资本收益政策的具体更新之后，比特币开始于周四出售。

“Market participants were hoping for a tax-free capital gains framework or a bitcoin national reserve accumulation plan,′ said the analysts at Blockhead Research Network (BRN). “Instead, Trump reiterated his general support for the crypto industry, highlighting the role of stablecoins in maintaining the U.S. dollar’s dominance in global trade. While supportive in the long term, the lack of immediate policy commitments is a short-term bearish signal.”

Blockhead Research Network（BRN）的分析师说：“市场参与者希望建立免税资本收益框架或比特币国家储备计划，相反，特朗普重申了他对加密货币行业的一般支持，强调了Stablecoins在维持全球贸易中的美元统治地位。从长远来看，缺乏立即的政策承诺是短期看跌信号。”

BRN sees digital assets struggling to sustain breakouts, with accumulation continuing at lower levels, particularly for altcoins.

BRN认为数字资产努力维持突破，累积持续较低，尤其是对于Altcoins而言。

“Despite near-term weakness, we recommend staying heavily invested, as the market could react swiftly to the next positive development. Support levels are not far from current prices,” BRN told CoinDesk in an email. Stay alert!

BRN在一封电子邮件中告诉Coindesk：“尽管近期弱点，我们建议您进行大量投资，因为市场可能会对下一个积极的发展做出迅速反应。支持水平远离当前价格。”保持警觉！

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