BTC价格动作倾向于瞬间“非常薄”的流动性，因为顽固的贸易范围持久了

CPI周再次来到这里，而美联储主席杰罗姆·鲍威尔（Jerome Powell）将在美国立法者面前两次作证。关税谈话又回来了，这次涉及整个

Bitcoin (BTC) price action remained largely unremarkable at the start of the week as a weekend of modest losses gave way to equally mild gains on Monday.

比特币（BTC）的价格行动在本周开始时仍然很大程度上不明显，因为周末的损失适中，在周一获得了同样温和的收益。

Fresh macroeconomic data from the United States failed to provide any surprises, while talk of tariff wars continued, though with little impact on crypto markets. Despite the lack of volatility, some traders eyed potential liquidity hunts and expressed optimism for an upcoming market recovery. Others highlighted the extended period of sideways trading and anticipated further time being needed before BTC/USD strength is challenged.

来自美国的新宏观经济数据未能提供任何惊喜，而谈论关税战争仍在继续，尽管对加密货币市场的影响很小。尽管缺乏波动性，但一些交易员仍在注视着潜在的流动性狩猎，并对即将到来的市场恢复表示乐观。其他人则强调了横向交易的长时间，并预计在BTC/USD实力受到挑战之前，需要进一步的时间。

BTC price stayed within a well-defined range as traders awaited the next market catalyst. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering around the center of its multi-month trading range on Monday, with fresh losses over the weekend largely reversing by early in the day.

当交易者在等待下一个市场催化剂时，BTC价格保持在明确的范围内。 CoIntelegraph Markets Pro和TradingView的数据显示，BTC/USD周一在其多个月交易范围的中心徘徊，周末的新损失在当天早些时候大部分逆转。

The buzz around fresh tariffs from the U.S. government also failed to spark a repeat of the intense volatility seen this time last week, with traders still waiting for the next market catalyst.

美国政府新的关税的嗡嗡声也未能激发上周这次的强烈波动的重复，交易员仍在等待下一个市场催化剂。

“Slow moves in the past 4 days which was normal in order to fill most wicks,” popular trader CrypNuevo summarized in a thread on X on Monday.

流行的交易者Crypnuevo在周一的X线程中总结了“过去4天的缓慢动作，这是正常的，为了填补大多数灯芯。”

The trader referred to the upcoming U.S. macroeconomic data prints, which include the Consumer Price Index (CPI) numbers for January.

交易者提到了即将到来的美国宏观经济数据打印，其中包括一月份的消费者价格指数（CPI）号码。

“Orderbook is very thin at the moment, PA very slow and not seeing any strong signals to determine up or down,” he continued, giving $94,000 as a potential short-term bottom should a liquidity hunt ensue.

他继续说：“目前订购本非常薄，PA非常慢，没有看到任何强烈的信号来确定上下的信号。”他继续说，如果发生流动性狩猎，则为94,000美元作为潜在的短期底部。

Others were more optimistic, with crypto trader, analyst and entrepreneur Michaël van de Poppe eyeing potential for a marketwide recovery in the coming days.

其他人则更加乐观，加密货币交易员，分析师和企业家MichaëlVande Poppe的目光投向了未来几天的市场恢复。

“Good start of the week with upwards momentum after Monday open,” he commented, referring to current weak performance by altcoins and Ether

他评论说：“周一开放后，一周的良好开始，势头向上。”

Meanwhile, popular trader Poseidon characterized the situation as “in a range between 90k-110k over 3 months, but everyone is calling macro tops and bottoms in this range, while actually, nothing is happening on the weekly/monthly chart.”

同时，流行的商人波塞冬（Poseidon）将这种情况描述为“在3个月内在90k110k之间的范围内，但每个人都在此范围内称宏观上衣和底部，而实际上，每周/每月的图表上什么都没有发生。”

“We are in a range, and as long as we don't break down and accept below it, I doubt we will see lower 70k,” he added, referring to Bitcoin’s 21-week exponential moving average, currently at $89,200.

他补充说：“我们处于一定范围，只要我们不崩溃并在下面接受，我怀疑我们会看到较低的70K。”

A familiar round of U.S. macroeconomic data prints combines with testimony by Federal Reserve Chair Jerome Powell this week. Consumer Price Index (CPI) and Producer Price Index (PPI) figures for January are due on Feb. 12 and 13, respectively.

本周，美国宏观经济数据的一轮宏观经济数据印刷与美联储主席杰罗姆·鲍威尔（Jerome Powell）的证词相结合。 1月份的消费者价格指数（CPI）和生产商价格指数（PPI）的数据分别为2月12日和13日。

The latter will be accompanied by unemployment claims, a weekly release that has functioned as a short-term volatility catalyst for crypto markets in recent months. Beginning on Feb. 11, Fed Chair Powell will testify before the Senate Banking Committee and House Financial Services panel.

后者将伴随失业索赔，这是近几个月来加密市场的短期波动催化剂的每周发行。从2月11日开始，美联储主席Powell将在参议院银行委员会和众议院金融服务小组之前作证。

The events come amid mixed inflation signals, with Powell remaining hawkish on the outlook for 2025, including any further interest rate cuts — a key issue for risk assets.

这些事件发生在混合通货膨胀信号中，鲍威尔仍然是2025年前景的霍克什，包括任何进一步的降低利率，这是风险资产的关键问题。

The latest estimates from CME Group’s FedWatch Tool currently put the odds of a small 0.25% cut at the Fed’s next meeting in March at just 6.5%, down from nearly 15% a week ago.

CME Group的FedWatch工具的最新估计目前的最新估计结果是，在3月的下一次会议上，在3月的下一次会议上削减了0.25％的几率，仅为6.5％，比一周前的近15％下降。

Eyeing developments at the Fed, however, trading resource The Kobeissi Letter noticed a “worrisome” phenomenon playing out.

然而，在美联储的事态发展时，Kobeissi信的交易资源注意到了一种“令人担忧的”现象。

The U.S. Reverse Repo Facility (RRP) has dropped to its lowest levels since early 2021 — a sign that restrictive financial policy in the form of so-called quantitative tightening, or QT, may not last much longer despite the Fed's hawkish mood.

自2021年初以来，美国反向回购设施（RRP）已下降到其最低水平，这表明以所谓的定量紧缩或QT形式进行了限制性的金融政策，尽管美联储的鹰派情绪可能不会持续更长的时间。

“Less money in the RRP means more money in the market. Since $2.5 trillion has been depleted, does this mean the Fed can no longer inject liquidity in the market?” Kobeissi queried in part of an X thread on the topic at the weekend.

“ RRP中的钱更少意味着在市场上更多的钱。由于2.5万亿美元已经耗尽，这是否意味着美联储再也无法在市场上注入流动性？” Kobeissi在周末的X线程中的一部分中询问。

The ghost of last week’s trade war panic continues to permeate markets as the U.S. government announces further tariff plans. Targeting steel and aluminum, the blanket measures will seek to match tariffs already in place among U.S. trading partners.

随着美国政府宣布进一步的关税计划，上周贸易战恐慌的幽灵继续渗透到市场。针对钢铁和铝，毯子措施将寻求与美国贸易伙伴之间已经达到的关税相匹配。

As a result, weakness in crypto markets was observed over the weekend, with U.S. stock futures nonetheless shrugging off the news in a key divergence from behavior seen a week ago.

结果，在周末观察到加密货币市场的疲软，尽管如此，美国股票期货仍与一周前的行为保持关键的差异，但股票期货在新闻中脱颖而出。

Clear winner in the current situation is gold, which tagged multiple new all-time highs last week and neared $2,900 per ounce for the first time on Monday. Despite traditionally following gold's trends with a several-month delay, however, Bitcoin's inability to capitalize on safe-haven appetite has not gone unnoticed.

在当前情况下，明显的获胜者是黄金，上周标记了多个新的历史最高点，周一首次接近每盎司2,900美元。尽管传统上延迟了几个月的延迟，但传统上遵循黄金的趋势，但比特币无法利用避风港的食欲，但并未引起人们的注意。

“For all of the hype and supposed adoption rate Bitcoin has received in recent years, VERY INTERESTING the $BTC has struggled to pull away from Gold,”

“对于近年来比特币所收到的所有炒作和所谓的收养率，$ BTC一直在努力脱离黄金，非常有趣。”