比特幣（BTC）的價格下跌100000美元

隨著價格上漲，比特幣在交易所的供應量正在迅速下降。鍊鍊數據表明持有的儲量

Bitcoin’s price surged above $100,000 on Thursday as on-chain data showed that exchange and over-the-counter (OTC) reserves fell to their lowest levels in years.

由於鏈數據表明，比特幣的價格在周四的100,000美元上漲了100,000美元，該鏈數據表明，交換和非處方（OTC）儲備在多年來的最低水平下降到了最低水平。

Bitcoin exchange and OTC reserves have declined sharply in recent months.

近幾個月來，比特幣交易所和OTC儲量急劇下降。

On-chain data from CryptoQuant shows that Bitcoin held on exchanges and OTC desks has decreased significantly. These sources are commonly used by both retail traders and large institutions for buying or selling.

來自加密素養的鏈上數據表明，在交易所和OTC桌子上舉行的比特幣顯著下降。這些來源通常被零售商人和大型機構用於買賣。

According to the latest data, Bitcoin reserves on exchanges have fallen below 2.4 million, down from over 3.1 million in mid-2024. OTC desk holdings have also dropped below 120,000 BTC, compared to nearly 480,000 in 2021.

根據最新數據，交易所的比特幣儲備量低於240萬，低於2024年中期的310萬次。 OTC Desk Holtings也降至120,000 BTC以下，而2021年的近480,000則降低了。

A falling exchange reserve often means that fewer coins are available to sell on the market. This can occur when investors transfer Bitcoin to cold wallets, indicating long-term holding. As supply on exchanges continues to decrease, it can create pressure on price when demand increases.

下降的交易儲備通常意味著在市場上出售的硬幣更少。當投資者將比特幣轉移到冷錢包時，這可能會發生這種情況，表明長期持有。隨著交流的供應繼續減少，當需求增加時，價格可能會造成價格壓力。

According to CryptoQuant, “Sellers are disappearing. Bitcoin held on OTC desks is at levels not seen since before the 2020 bull market.” The drop in available supply has led to predictions of a new supply shock in the market.

據加密誇大說：“賣家正在消失。在2020年牛市之前，在OTC辦公桌上舉行的比特幣處於未知水平。”可用供應的下降導致了市場上新的供應衝擊的預測。

Market structure favors continued upside

市場結構有利於上升空間

Market analysts also follow price action patterns and trendlines that support further gains. A recent chart shared by analyst CryptoFaibik shows a stair-step pattern of consolidations and breakouts. The chart highlights three instances of strong bullish continuation formations, each followed by higher price movement.

市場分析師還遵循支持進一步收益的價格行動模式和趨勢線。分析師Cryptofaibik共享的最新圖表顯示了整合和突破的樓梯步驟模式。該圖表突出了三個強烈看漲延續地層的實例，每個實例隨後是更高的價格變動。

The ascending trendline seen on the chart has held since April, and the price continues to bounce above it. Each breakout has delivered gains between 10% and 13%, with the next target sitting at $114,000. This move would mark a new all-time high for Bitcoin, surpassing the previous peak of around $69,000.

自4月以來，圖表上看到的上升趨勢線一直在其上方反彈。每個突破的收益在10％至13％之間，下一個目標為114,000美元。這一舉動標誌著比特幣的新歷史最高點，超過了先前的高峰約69,000美元。

Current price action suggests bullish momentum remains strong, with the potential for Bitcoin to move above $110,000 in the next upward move.

當前的價格行動表明，看漲的勢頭仍然很強大，在下一個向上移動中，比特幣有可能提高110,000美元。

Bitcoin prices break above $100,000 as reserves dip to new low.

比特幣的價格超過$ 100,000，隨著儲量降至新低點。

A separate model from eMarketer tracks Bitcoin’s 2-Year Simple Moving Average (SMA) multipliers, showing how the asset’s behavior has changed over time. Earlier cycles saw peaks of 15 times the 2Y SMA, during periods of speculative trading. In 2017, Bitcoin peaked at 10× the 2Y SMA, and in 2021, the top was around 5×.

Emarketer的單獨模型軌道軌道軌道的兩年簡單移動平均線（SMA）乘數，顯示了資產的行為如何隨著時間而變化。在投機交易期間，早期的周期的峰值達到了2y SMA的15倍。在2017年，比特幣以10×2Y SMA達到峰值，在2021年，頂部的頂部約為5×。

Bitcoin will likely reach its historical resistance at 2.65× band, the price at the all-time high in 2025. This area was touched in the previous bull run and signaled a peak. At the same time, analysts note that this recent trend is exhibiting greater stability. The pattern currently in place is marked by less volatile price rises and smaller drops than in previous cycles.

比特幣可能以2.65×頻段的歷史阻力（2025年曆史最高的價格）達到其歷史阻力。該區域在先前的公牛奔跑中受到了觸摸，並標誌著峰值。同時，分析師指出，這種最近的趨勢表現出更大的穩定性。目前所處的模式的標誌性的波動價格上漲和下降較小，而不是以前的周期。

Traders are interpreting the gap between price and available supply as an indication that the market is strengthening. The previous cycles were characterized by limited traders, while the latest trend is being propelled by major players like long-term investors and institutions.

貿易商正在將價格和可用供應之間的差距解釋為市場正在加強。以前的周期是有限的交易者的特徵，而最新趨勢是由長期投資者和機構等主要參與者推動的。

The Bitcoin market appears to be maturing and becoming more stable. Stability is being slowly achieved as market participants adopt a long-term view and major players back the market.

比特幣市場似乎正在成熟並變得越來越穩定。隨著市場參與者採用長期觀點，主要參與者支持市場，穩定正在逐漸實現。

If current supply and demand trends continue, analysts expect Bitcoin to reach between $150,000 and $250,000 by late 2025. For now, bullish traders are targeting a breakout above the key resistance level at $114,000.

如果目前的供求趨勢繼續下去，分析師預計到2025年底，比特幣將達到150,000至250,000美元。目前，看漲的商人的目標是以高於關鍵阻力水平的突破，為114,000美元。

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

在本文中，作者或任何人的觀點和意見僅是出於信息目的，並且不建立投資，財務或任何其他建議。對加密貨幣資產進行交易或投資具有財務損失的風險。

Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.

奧利維亞·斯蒂芬妮（Olivia Stephanie）是一位金融科技愛好者，對金融市場有敏銳的了解。她對經濟和金融的熱情使她探索了新興的區塊鏈技術和加密貨幣市場。