3月20日，比特币（BTC）的价格约为84,000美元

作为价格抑制策略和转移零售流的市场状况。

The price of Bitcoin (BTC) traded around $84,000 on March 20, as persistent price suppression tactics and shifting retail flows shaped market conditions.

比特币（BTC）的价格在3月20日交易约84,000美元，因为持续的价格抑制策略和零售流动的市场状况转移。

New data suggests large-volume traders are actively limiting BTC’s upside below $90,000, even as traditional onchain metrics may no longer reflect actual retail activity.

新数据表明，大型交易者正在积极限制BTC的上涨空间低于90,000美元，即使传统的OnChain指标可能不再反映实际的零售活动。

BTC/USD reached local highs of $87,500 this week before encountering a firm rejection.

BTC/USD本周遇到了拒绝，本周达到了87,500美元的当地高点。

'Spoofy the Whale' Stalls Rally At $87.5K

'Spoofy the Whale'Stalls Rally售价为$ 87.5K

Trading resource Material Indicators flagged aggressive order book movements on Binance as the cause for BTC’s capped momentum. According to the team,

交易资源材料指标标志着BTC上限动量的造成二元订单动作。根据团队的说法

“If you are wondering why Bitcoin price hasn't been able to rally past $87.5K yet, the reason is price suppression from Spoofy the Whale.”

“如果您想知道为什么比特币价格还无法超过87.5k美元，那原因是鲸鱼欺骗的价格抑制。”

They highlighted a pattern of shifting ask liquidity blocks placed just above market price—a spoofing tactic historically linked to whales.

他们强调了一种在市场价格高于市场价格的转移的询问流动性块的模式，这是一种与鲸鱼有关的欺骗战术。

Order book data shows spoofed resistance now clusters around $89,000. Material Indicators noted that such activity creates an artificial ceiling, preventing organic upside.

订单簿数据显示，欺骗性的阻力现在约为$ 89,000。材料指标指出，这种活动会产生人造天花板，从而防止有机上升空间。

At the same time, investor class breakdowns reveal only the largest players are distributing while smaller entities remain sidelined.

同时，投资者班级分解显示只有最大的参与者正在分发，而较小的实体仍处于旁观状态。

Coinbase Premium Suggests U.S. Accumulation

Coinbase Premium表明我们积累

While Binance hosts manipulatory behavior, the return of a Coinbase premium tells a different crypto news story.

尽管Binance主持了操纵性行为，但Coinbase Premium的回归讲述了另一个加密新闻。

The Coinbase premium index—measuring price differences between Binance and Coinbase—reached its highest level since Feb. 20 after the price of Bitcoin rallied 5% on March 19.

Coinbase Premium指数（binance and Coinbase之间的价格差异）自2月20日以来的最高水平在3月19日的比特币价格上涨了5％。

According to CryptoQuant analyst Woominkyu, this trend hints at renewed accumulation by U.S.-based institutions and retail investors.

根据加密分析师Woominkyu的说法，这种趋势暗示了美国机构和零售投资者的累积。

“Past trends show that when this indicator rises, BTC bull markets tend to continue,” he stated. “High likelihood of an accumulation phase, making it a key moment to monitor BTC's momentum.”

他说：“过去的趋势表明，当这个指标上升时，BTC牛市往往会继续下去。” “积累阶段的可能性很高，使其成为监测BTC势头的关键时刻。”

The premium index’s 30-day exponential moving average (EMA) recently crossed above the 100-day EMA, adding technical weight to the analysis.

高级指数的30天指数移动平均值（EMA）最近越过100天EMA，为分析增加了技术权重。

Coinbase Advanced, which absorbed Coinbase Pro earlier this year, now serves large players like Tesla and MicroStrategy—suggesting that part of the premium could also reflect institutional inflows.

Coinbase Advanced于今年早些时候吸收了Coinbase Pro，现在为Tesla和MicroStrategy等大型球员提供服务，这是Premium的那部分也可能反映了机构流入。

Retail Enters Through ETFs, Not Wallets

零售通过ETF而不是钱包进入

Despite rising interest, onchain data shows little evidence of retail participation. That view may be outdated.

尽管兴趣不断增加，但Onchain数据几乎没有零售参与的证据。这种观点可能已经过时了。

CryptoQuant CEO Ki Young Ju said retail investors are likely accumulating via spot Bitcoin exchange-traded funds (ETFs), not traditional wallets. According to him,

CryptoQuant首席执行官Ki Young Ju说，散户投资者可能正在通过现货比特币交易所交易基金（ETF）而不是传统钱包来积累。据他说

“Retail is likely entering through ETFs - the paper Bitcoin layer - which doesn't show up onchain.”

“零售很可能是通过ETF（纸比特币层）进入的，它不会出现OnChain。”

He estimated that 80% of ETF inflows originate from retail participants. According to Farside data, those inflows have reached $35.88 billion since January.

他估计，80％的ETF流入来自零售参与者。根据Farside数据，自1月以来，这些流入量已达到358.8亿美元。

The shift renders onchain metrics—like realized cap or exchange deposits—less useful in gauging retail involvement.

这种转变使OnChain指标（例如实现的上限或交换存款）无用，可用于计量零售参与。

At the same time, broader interest appears muted. The Google Trends score for "crypto" dropped 62% since January, while the Crypto Fear & Greed Index fell to 31 on March 20, down from 49 a day earlier.

同时，更广泛的兴趣似乎很迷惑。自1月以来，“加密货币”的Google趋势得分下降了62％，而加密恐惧和贪婪指数下降到3月20日的31，降低了一天前的49个。

Trendlines Face Pressure As $85K Holds

趋势线面临压力，$ 85K持有

The rice action of Bitcoin remains choppy between $84,000 and $87,500. Trader Daan Crypto Trades said bulls must protect $84,000–$85,000 to maintain short-term momentum.

比特币的稻米动作在84,000美元至87,500美元之间。 Trader Daan Crypto Trades表示，公牛必须保护84,000美元至85,000美元，以维持短期势头。

“Otherwise you're at risk of visiting those lower liquidity clusters,” he warned, referencing the possibility of a full retrace if the zone breaks.

他警告说：“否则，您有访问那些较低的流动性集群的风险。”

He also noted that bulls are attempting to reclaim the 200-day simple and exponential moving averages near $85,000—a key signal for trend continuation.

他还指出，公牛试图收回200天的简单和指数式移动平均值接近85,000美元，这是趋势延续的关键信号。

According to trader Koroush AK, the EMAs are offering resistance at the Fib level, setting up a "no-win scenario" for either bulls or bears.

根据Trader Korfh AK的说法，EMAS在FIB级别提供阻力，为公牛或熊建立了“无赢的场景”。

Trader Max from BecauseBitcoin added that the price of Bitcoin remains fundamentally suppressed below $88,000–$90,000 due to the EMA cloud.

来自Adbitcoin的Trader Max补充说，由于EMA云，比特币的价格从根本上被压制低于88,000- $ 90,000。

However, he believed that a break above this level would open up further upside potential, possibly towards $95,000 or higher.

但是，他认为超过此水平的休息将开辟进一步的上升潜力，可能会降至95,000美元或更高。

"We're still fundamentally range-bound, but there's potential for a break to the upside if we can manage to clear this EMA cloud and perhaps test that $90K zone again," he concluded.

他总结说：“我们仍然从根本上界定范围，但是如果我们能够设法清除EMA云，并可能再次测试了这一$ 90K的区域，那么有可能会突破上涨空间。”