比特幣（BTC）價格行動分析：圖表在說什麼

摩根大通（JPMorgan）的分析師最近發布了一份有關市場趨勢的報告，雖然資本持續流入黃金作為避風港資產

Analysts at JPMorgan recently published a report about a market trend that, while there is a continuing inflow of capital into gold as a safe-haven asset, Bitcoin seems to be absent. Amid global economic uncertainty, gold is an asset for investors seeking stability. However, Bitcoin is referred to by some as “digital gold” without the same level of investor inflow. According to JPMorgan’s report, gold continues to benefit from enhanced inflows via ETFs and futures, and conversely, the BTC price action has not been able to access those safe-haven flows.

摩根大通（JPMorgan）的分析師最近發布了一份有關市場趨勢的報告，儘管作為避風港資產的資本持續流入黃金，但比特幣似乎不存在。在全球經濟不確定性中，黃金是尋求穩定的投資者的資產。但是，有些人將比特幣稱為“數字黃金”，而沒有相同水平的投資者流入。根據摩根大通的報告，黃金繼續從ETF和Futures的流入增強中受益，相反，BTC的價格行動無法訪問這些安全的流量。

Global macroeconomic uncertainty has pushed investors toward the familiar haven of gold. In the first quarter of 2025, gold ETFs provided a staggering $21.1 billion inflow. Among those inflows, China and Hong Kong contributed at least $2.3 billion to the total, and also the raft of speculative activity positively impacted the price of gold futures.

全球宏觀經濟的不確定性已將投資者推向熟悉的黃金天堂。在2025年第一季度，黃金ETF提供了驚人的211億美元流入。在這些流入中，中國和香港為總數貢獻了至少23億美元，投機活動也對黃金期貨的價格產生了積極影響。

Gold has benefited due to a surge in speculative interest that has increased demand. Inversely, Bitcoin likely missed out on the same demand. The lack of interest from an investment point of view in the price movements of Bitcoin when compared to gold suggests a change in behaviours when making preferences as investors look to traditional assets during times of uncertainty.

黃金由於投機利益的激增而受益，這增加了需求。相反，比特幣可能錯過了同樣的需求。與黃金相比，比特幣價格變動的投資角度缺乏興趣，這表明在不確定性期間投資者期待傳統資產時，行為會發生變化。

Bitcoin Struggles to Maintain Its ‘Digital Gold’ Status

比特幣難以維持其“數字黃金”狀態

The “digital gold” label for Bitcoin has been severely stressed. JPMorgan analysts say Bitcoin has not generated the same safe-haven flows as gold. The BTC Price has remained stable around $84,300. The Bitcoin ETF and futures haven’t matched the investor interest shown in gold. The analysts found that the $62,000 level for Bitcoin is essential, especially as it is an estimated cost of production. Bitcoin is increasingly failing to achieve haven flows, threatening its “digital gold” identity, especially given how well gold has performed.

比特幣的“數字黃金”標籤受到了嚴重的壓力。摩根大通分析師說，比特幣沒有產生與黃金相同的安全流。 BTC價格在84,300美元左右保持穩定。比特幣ETF和期貨與黃金中所顯示的投資者興趣不符。分析師發現，比特幣的62,000美元水平至關重要，尤其是因為這是估計的生產成本。比特幣越來越無法實現避風港流，威脅到其“數字黃金”身份，尤其是考慮到黃金的性能。

BTC Price Action Analysis: What the Charts Are Saying

BTC價格動作分析：圖表在說什麼

The BTC price trading session started between $83,100 and $84,000, forming a tight range before breaking out around 13:00 UTC, pushing the price towards $85,500. An overbought RSI and a golden cross on the MACD, signaling strength in the short term, supported this move. However, the BTC price was quickly rejected near resistance, leading to a $2,500 drop to $83,200, where support held.

BTC價格交易會議開始於83,100美元至84,000美元之間，在13:00 UTC爆發之前形成了一個緊張的範圍，將價格推向了85,500美元。 MACD上有超級合格的RSI和一個金十字，在短期內表示強度支持了這一舉動。但是，BTC價格很快被拒絕接近抵抗，導致2500美元跌至83,200美元，並在這裡持有支持。

Chart 1, Analyzed by Alokkp0608, published on April 17th, 2025

圖1，由Alokkp0608分析，於2025年4月17日發布

The RSI dipped into oversold territory, and the MACD death cross confirmed the bearish retracement. After finding a bottom, the BTC price established an ascending channel, bouncing from $83,200 and rising back above $84,400. The recovery showed multiple golden crosses, but a brief return to overbought conditions suggests exhaustion. The MACD remains slightly bullish, though momentum seems to be fading as the gap between its lines narrows.

RSI浸入了超賣領土，MACD死亡十字架證實了看跌的回溯。找到底部後，BTC價格建立了一個上升渠道，從83,200美元彈跳，返回了84,400美元以上。恢復顯示了多個黃金十字架，但短暫的回歸過多的條件表明疲憊。 MACD仍然有些看好，儘管隨著線條之間的差距變窄，動量似乎正在逐漸消失。

Safe-Haven Showdown: Gold Triumphs, Bitcoin Trails

避風港攤牌：金牌勝利，比特幣步道

Bitcoin and gold diverge in performance as investor preferences shift, particularly during uncertain economic times. While gold remains the first choice as a haven, Bitcoin is falling short of its digital safe haven reputation. The resurgence in gold demand with institutional and retail investors has shown that the appeal for classic assets is still strong, even during uncertain times. For Bitcoin to reclaim its safe-haven title, it must demonstrate that it can pull in capital inflows, similar to gold. As the markets currently stand, Bitcoin could emerge as a second-tier asset in a space increasingly leading towards more established assets.

隨著投資者偏好的變化，比特幣和黃金的性能分歧，尤其是在不確定的經濟時期。儘管黃金仍然是避風港的首選，但比特幣卻沒有其數字避風港的聲譽。與機構和散戶投資者一起，黃金需求的複興表明，即使在不確定的時期，對經典資產的吸引力仍然很強。為了使比特幣收回其安全的頭銜，它必須證明它可以吸收類似於黃金的資本流入。隨著市場目前的影響，比特幣可能會成為越來越多地朝著更具成熟資產的領域中的二線資產出現。