比特幣[BTC]達到關鍵關頭

BTC現在徘徊在$ 92,500大關附近，發現自己位於看漲勢頭和看跌抗性之間的僵局中心。

Bitcoin (BTC) price is now at a critical juncture, hovering around the $92,500 mark as bullish momentum faces off against bearish resistance.

比特幣（BTC）的價格現在處於關鍵時刻，盤旋在$ 92,500的左右，而看漲的動力面對看跌的抵抗力。

After a recent pullback from the $94,000 zone, BTC has found support around this level, remaining in a key decision zone.

在最近從94,000美元的區域進行了回調之後，BTC在此級別上找到了支持，保留在關鍵決策區中。

As the cryptocurrency market eagerly anticipates a move, new data from Alphractal highlights a crucial aspect of this anticipation: short-term holders (STHs) are nearing a key price zone, while leveraged positions have surpassed $10 billion.

正如加密貨幣市場熱切期望的那樣，字母的新數據突出了這一預期的關鍵方面：短期持有人（STHS）接近一個關鍵價格區，而槓桿頭寸已超過100億美元。

STHs and a critical decision

STH和一個關鍵決定

As the red lines in the chart below show, when BTC trades significantly above the STH realized price, it often signals overheated conditions, especially when considering the magnitudes of the movements.

正如下圖中的紅線所示，當BTC的交易顯著高於STH實現的價格時，它通常會信號過熱條件過熱，尤其是在考慮動作的幅度時。

This is highlighted by the red arrows, which usually mark new highs in bull markets and are often followed by corrections. Conversely, the green arrows usually mark points where price either reclaimed or managed to hold above this level, highlighting bullish pivots or periods where STHs managed to accumulate at increasingly difficult price levels.

紅色箭頭突出了這一點，紅色箭頭通常標誌著牛市的新高點，並且經常隨後進行更正。相反，綠色箭頭通常標誌著價格回收或設法超過此水平的點，突出了看漲的樞軸或STH設法以越來越困難的價格水平積累的時期。

Currently, BTC is hovering just above the STH realized price, which is also the same level where we can observe a potential build-up of buying pressure, as the STH MVRV is approaching the neutral 1.0 level from below, a zone which is usually associated with either accumulation or impending upside volatility.

目前，BTC徘徊在STH實現的價格之上，這也是同一水平，我們可以觀察到潛在的購買壓力積累，因為STH MVRV從下方開始接近中性1.0級別，該區域通常與累積或預期的上升波動有關。

At the same time, we can observe that whenever the STH MVRV got close to this zone in the past, it was either a bottom or a major pivot.

同時，我們可以觀察到，每當STH MVRV過去靠近該區域時，它是底部或主要的樞軸。

BTC STH realized price and MVRV зависят от общей стоимости монет в кошельках, которые не держались в обращении в течение более чем 100 дней, и могут использоваться для оценки того, насколько прибыльными или убыточными в среднем являются STHs в данный момент времени.

BTC STH實現的價格和MVRV取決於錢包中硬幣的總成本超過100天以上，並且可以用來評估給定時間的STH有利可圖或不合適的。

A deeper analysis of the on-chain data reveals that the market is bracing for impact.

對鍊鍊數據的更深入分析表明，市場正在為影響。

Both the realized cap impulse and the long-term realized cap impulse indicators are currently in low zones of support, which is something we haven’t seen in a few months.

實現的帽子衝動和長期實現的帽脈衝指標目前處於低落的支持區域，這是幾個月來我們還沒有看到的東西。

As the chart below shows, historically, lower readings of these indicators, especially when they occur after periods of dormancy, have coincided with significant price expansions.

如下圖所示，從歷史上看，這些指標的讀數較低，尤其是在休眠期間發生的情況下，它們與價格的大量擴張相吻合。

Finally, Open Interest tells its own story: leveraged positions remain highly elevated, recently crossing $70 billion. Such buildup usually precedes explosive moves, as either longs or shorts get liquidated all together.

最後，開放興趣講述了自己的故事：槓桿職位仍然高度提高，最近超過700億美元。這樣的積累通常是爆炸性動作之前的，因為渴望或短褲一起清算。

The final stage of the current bull market

當前牛市的最後階段

According to the latest data from Glassnode, the price of Bitcoin is now at a critical juncture as it hovers around the $92,500 mark.

根據GlassNode的最新數據，比特幣的價格現在處於關鍵時刻，因為它徘徊在92,500美元左右。

At this point, bullish momentum is facing off against bearish resistance, and the market is tightly coiled and ready to snap in either direction.

在這一點上，看漲的勢頭正面對看跌的抵抗力，市場緊緊地盤繞，準備朝任一方向搶走。

As the chart above shows, after a recent pullback from the $94,000 zone, Bitcoin has found support around this level and remains in a key decision zone.

如上圖所示，在最近從$ 94,000的區域進行回調之後，比特幣在此級別附近找到了支持，並且仍然位於關鍵決策區。

At the same time, the short-term holders (STHs) are nearing a critical price zone, and leveraged positions have surpassed $10 billion, which is something that usually occurs at market bottoms or major pivots.

同時，短期持有人（STH）接近一個關鍵的價格區，槓桿頭寸已超過100億美元，這通常是在市場底部或主要樞軸上發生的。

STHs are usually defined as entities holding coins for less than 100 days, while the STH realized price is the average price at which STHs acquired their coins, which can be used to assess the STHs’ collective profitability.

STH通常被定義為持有硬幣的實體不到100天，而STH實現的價格是STH獲得其硬幣的平均價格，可用於評估STHS的集體盈利能力。

When Bitcoin trades significantly above the STH realized price, it often signals overheated conditions, especially if we consider the magnitudes of the movements. This is highlighted by the red arrows in the chart above, which usually mark new highs in bull markets and are often followed by corrections.

當比特幣的交易顯著高於STH實現的價格時，它通常會信號過熱條件，尤其是如果我們考慮動作的幅度。上圖中的紅色箭頭突出了這一點，這通常標誌著牛市中的新高點，並且經常隨後進行更正。

Conversely, the green arrows usually mark points where the price either reclaimed or managed to hold above this level, highlighting bullish pivots or periods where STHs managed to accumulate at increasingly difficult price levels.

相反，綠色箭頭通常標誌著價格收回或設法超過此級別的點，突出了Bullish的樞軸或STH設法以越來越困難的價格水平積累的時期。

Currently, Bitcoin is hovering just above the STH realized price, which is also the same level where we can observe a potential build-up of buying pressure, as the STH MVRV is approaching the neutral 1.0 level from below, a zone which is usually associated with either accumulation or impending upside volatility.

目前，比特幣正徘徊在STH實現的價格之上，這也是同一水平，我們可以觀察到潛在的購買壓力積累，因為STH MVRV從下方開始接近中性1.0級別，該區域通常與累積或預期的上升波動有關。

At the same time, we can observe that whenever the STH MVRV got close to this zone in the past, it was either a bottom or a major pivot.

同時，我們可以觀察到，每當STH MVRV過去靠近該區域時，它是底部或主要的樞軸。

The STH realized price and MVRV depend on the total value of coins in wallets that haven’t been used for more than 100 days and can be used to assess how profitable or unprofitable the STHs are on average at a given moment in time.

STH實現的價格和MVRV取決於錢包中硬幣的總價值超過100天，可以用來評估在給定時間時刻的STH平均有利可圖或無利可圖的錢。