數據顯示

根據領先的鏈上分析公司GlassNode的數據，比特幣（BTC）最近的價格上漲正接近關鍵關頭。

Long-term holders (LTHs) of Bitcoin (BTC) usually become more inclined to sell their coins when their unrealized profit margins reach around 350%, according to on-chain analytics firm Glassnode.

根據鏈分析公司GlassNode的數據，比特幣（BTC）的長期持有人（LTH）通常更傾向於出售其硬幣時，當其未實現的利潤率達到350％左右。

This 350% profit marks a critical juncture as it leads to increased sell-side pressure, which, in turn, requires significant demand from buyers to sustain the upward price momentum.

這350％的利潤標誌著關鍵時刻，因為它導致賣方壓力增加，這反過來又需要買家的大量需求來維持上漲的勢頭。

At the time of writing, this 350% profit level corresponds to a BTC price of about $99,900. LTHs are investors who have held their Bitcoin over multiple market cycles, usually a period of 155 days.

在撰寫本文時，這350％的利潤水平對應於BTC的價格約為99,900美元。 LTHS是投資者，他們在多個市場週期上持有比特幣，通常為155天。

This analysis is crucial for traders and retail investors who follow technical analysis indicators to understand the broader market dynamics and anticipate possible price volatility.

該分析對於遵循技術分析指標的貿易商和散戶投資者至關重要，以了解更廣泛的市場動態並預期可能的價格波動。

Bitcoin Faces Key Test at $99.9K as Long-Term Holders Eye Profit-Taking

比特幣以$ 99.9K的價格面對鑰匙測試，作為長期持有人的眼睛盈利

The chart from Glassnode shows the behavior of long-term holders since December 2019. The green-shaded areas are periods of Bitcoin accumulation by long-term holders, while the red-shaded areas are periods of extreme sell pressure.

GlassNode的圖表顯示了自2019年12月以來長期持有人的行為。綠色陰影區域是長期持有人積累比特幣的時期，而紅色陰影地區是極端賣出壓力的時期。

Historically, when the unrealized profit margin reached 350%, it would always correspond to periods of consolidation or pullbacks as these LTHs looked to take profits. Glassnode suggests that the current market structure is similar to these past patterns.

從歷史上看，當未實現的利潤率達到350％時，隨著這些LTH的利潤，它始終與合併期間或撤回時期相對應。 GlassNode表明當前的市場結構類似於這些過去的模式。

This analysis explains how BTC’s price movements are affected by the actions of long-term participants when they choose to start taking profits. However, sustained demand could overcome the selling pressure at the $99,900 price mark, which, in turn, would prevent a price drop at that level.

該分析解釋了BTC的價格變動如何受到長期參與者選擇開始獲利的行動的影響。但是，持續的需求可以以99,900美元的價格克服銷售壓力，這反過來又可以防止在該水平上下跌。

Such sustained demand could come from spot ETF (exchange-traded fund) demands, large-scale institutional market-making firms, or other market participants with sufficient buying power to absorb the sell-side pressure.

這種持續的需求可能來自現貨ETF（交易所交易基金）的需求，大規模的機構營銷公司或其他具有足夠購買力的市場參與者，可以吸收賣方壓力。

This Glassnode chart also highlights why certain price levels often become psychological barriers, even during periods of strong market trends.

該玻璃節目圖表還強調了為什麼即使在強大的市場趨勢時期，某些價格水平也經常成為心理障礙。

Some market analysts opine that if this cycle deviates from this traditional pattern, it could be a sign that Bitcoin is maturing as an asset class.

一些市場分析師認為，如果此循環偏離這種傳統模式，則可能表明比特幣正在成為資產類別。

Since its inception in 2009, Bitcoin has undergone a remarkable transformation from an experimental digital currency to a valuable asset class that now entices both institutional and retail investors.

自2009年成立以來，比特幣經歷了從實驗性數字貨幣到寶貴的資產類別的顯著轉變，現在誘使機構和零售投資者。