比特幣的[BTC] 13％Q1的下降主要是由2月的急劇下降驅動的，從而啟動了重大的市場校正。

因此，在3月，短期持有人（STH）投降階段占主導地位，導致已實現的損失激增，這將BTC推向了最低點，為77,000美元。

Bitcoin's 13% decline in Q1 was largely driven by a sharp 18% drawdown in February, which started a significant market correction from prior highs.

比特幣在第1季度下降了13％，這在很大程度上是由2月的急劇下降驅動的，這是從先前的高點開始進行的重大市場糾正。

This had implications for short-term holder (STH) capitulation phases, which were largely realized in March as realized losses spiked and pushed BTC to lows of $77,000.

這對短期持有人（STH）的投降階段具有影響，這在3月份大部分被實現，因為意識到的損失被飆升，並將BTC推向了77,000美元的低點。

However, despite this downturn, whale accumulation persisted, fueled by macroeconomic turbulence and a shift in risk appetite.

然而，儘管經濟低迷，鯨魚的積累仍在持續存在，這是由於宏觀經濟的湍流和風險食慾的轉變所推動的。

This strategic influx of capital catalyzed a bullish rally that saw Bitcoin break through two key supply zones, leading to a liquidation cascade of leveraged positions.

這種戰略性的資本湧入催化了看漲的集會，使比特幣突破了兩個關鍵的供應區，導致了一系列槓杆位置的清算級聯。

Bitcoin is currently trading at $93,700, marking a 14% rebound from its March close and showing no signs of slowing down.

比特幣目前的交易價格為93,700美元，標誌著3月份的收盤價為14％，沒有放慢腳步的跡象。

More importantly, BTC has flipped above its STH cost basis for the first time since mid-February, highlighting a pivotal shift in market structure and sentiment.

更重要的是，BTC自2月中旬以來首次超過其STH成本基礎，突出了市場結構和情感的關鍵轉變。

Bitcoin flips above STH realized price: Key reversal signal

比特幣翻轉超過STH實現的價格：鑰匙反轉信號

Bitcoin posted a 6.82% single-day gain on the 22nd of April, closing at $93,489, which saw it finally slice through a key overhead resistance level that had remained largely untested for over a month.

比特幣在4月22日的單日收益為6.82％，收盤價為93,489美元，最終將其切成一個關鍵的高間接阻力水平，該水平在一個月以上一直未經測試。

Its implication? It flipped short-term holders (STHs) into profit territory after over a month of their realized price sitting below BTC's market valuation, leaving them in an “underwater” position.

它的含義？它在其實現的價格超過BTC的市場估值之後一個多月後，將短期持有人（STH）倒入了利潤領域，使他們處於“水下”職位。

This resurgence signals a strong bullish continuation. Why? It serves as a critical FOMO trigger.

這種複興標誌著強烈的看漲延續。為什麼？它是關鍵的FOMO觸發器。

If Bitcoin manages to maintain its momentum, short-term investors are likely to continue holding on for outsized returns, viewing the move as a "reward" for their resilience during the March sell-offs.

如果比特幣設法保持其勢頭，那麼短期投資者可能會繼續堅持巨額回報，將此舉視為3月份拋售期間的韌性“獎勵”。

In fact, at $93,986, 11.72k BTC were bought— the highest in the month. This marks a significant shift with strong outflows into wallets, further reinforcing AMBCrypto's thesis of bullish continuation.

實際上，購買了93,986美元，BTC的收購為11.72k，這是當月最高的。這標誌著重大的轉變，有力流出到錢包中，進一步加強了Ambcrypto關於看漲延續的論文。

With increased whale participation and the reversal of STHs into profit, Bitcoin's market structure has shifted decisively.

隨著鯨魚參與的增加以及STH的逆轉盈利，比特幣的市場結構果斷地發生了變化。

The path of least resistance now points toward further bullish price discovery, with a potential for continuation into higher resistance zones.

現在，阻力最小的道路目前朝著進一步看漲的價格發現，並有可能繼續進入更高的阻力區域。