在壓力下的比特幣價格：105,000美元仍在發揮作用嗎？

比特幣會面對看跌壓力，因為關鍵持有人減少了暴露量。它會滑到105,000美元，還是可以實現超過$ 110,000的反彈？

Bitcoin Price Under Pressure: Is $105,000 Still in Play?

在壓力下的比特幣價格：105,000美元仍在發揮作用嗎？

Bitcoin is feeling the heat as major players pull back from both derivatives and spot accumulation, hinting at a possible slide toward $105,000. Let's break down what's happening and what it means for you.

當主要玩家從衍生品和斑點積累中退縮時，比特幣感覺到熱量，暗示可能滑動到105,000美元。讓我們分解發生的事情以及對您意味著什麼。

Key Holders Retreat: What's Driving the Downturn?

關鍵持有人靜修：是什麼驅動了衰退？

On-chain data reveals that significant holders have drastically cut their exposure in perpetual futures over the past week. Simultaneously, large Bitcoin holders have slowed their accumulation, intensifying the bearish pressure on price momentum. It's like the big whales are taking a break, and the market's feeling it.

鏈上的數據表明，在過去一周中，重要的持有人大大削減了永久未來的曝光率。同時，大型比特幣持有人減慢了積累的速度，增強了對價格動力的看跌壓力。就像大鯨正在休息一下，市場的感覺。

Top Traders Slash Futures Exposure, Whales Retreat

頂級交易者削減期貨的曝光，鯨魚撤退

The recent dip in BTC has triggered a substantial reduction in perpetual futures positioning among key holders, signaling waning confidence in the coin's near-term prospects. According to Nansen, the top 100 crypto wallet addresses have reduced their perpetual futures exposure by a whopping 65.7% in the last seven days. When these big players scale back, it drains liquidity from BTC's perpetual futures market, making it more prone to volatility and sharper downturns. It also suggests that these major traders are hesitant to take on risk until clearer bullish signals emerge, exacerbating the bearish momentum.

BTC最近的下降引發了關鍵持有人之間永久性定位的大幅度降低，這表明對硬幣的近期前景的信心減弱了。據南森（Nansen）稱，在過去的七天中，前100個加密錢包的地址使他們的永久期貨暴露量減少了65.7％。當這些大玩家縮減時，它會從BTC永久期貨市場中流動流動性，使其更容易發動和疲憊。這也表明，直到出現更清晰的看漲信號並加劇了看跌勢頭之前，這些主要交易者不願承擔風險。

Moreover, BTC whales holding between 10,000 and 100,000 coins have also contributed to the current downturn, reducing their supply by 1% in the past week, equivalent to selling 20,000 BTC. Historically, sustained whale buying has supported BTC during downturns. With these large holders now stepping back, the asset lacks the strong buy-side pressure needed to prevent further declines.

此外，持有10,000至100,000枚硬幣的BTC鯨也導致了當前的低迷，在過去一周中，其供應量減少了1％，相當於出售20,000 BTC。從歷史上看，持續的鯨魚購買在低迷期間支持了BTC。隨著這些大型持有人現在退後一步，資產缺乏防止進一步下降所需的強大買入壓力。

Could Price Slip Toward $103,000?

價格滑倒到103,000美元嗎？

The daily chart's falling Relative Strength Index (RSI) reinforces this bearish outlook. Currently at 37.88 and trending downward, the RSI signals decreasing demand. This indicates that bearish momentum may persist, potentially pushing the coin's price toward $107,557. If this support level fails to hold, BTC could extend its dip to $103,931.

每日圖表的相對強度指數（RSI）降低了這種看跌的前景。 RSI信號目前為37.88，趨勢下降，需求減少。這表明看跌的動力可能會持續存在，有可能將硬幣的價格推向107,557美元。如果此支持水平無法持有，BTC可以將其傾角擴展到103,931美元。

On the flip side, if sentiment improves and accumulation spikes, BTC could rebound and attempt to climb back above $110,034. Keep an eye on those levels!

另一方面，如果情緒改善和積累峰值，BTC可以反彈，並試圖恢復超過$ 110,034。密切關注這些水平！

Broader Market Context and Future Outlook

更廣泛的市場環境和未來的前景

Raoul Pal from Global Macro Investor suggests that Bitcoin's historic four-year cycle, driven by halving events, may now extend to a five-year cycle. High interest rates from the Federal Reserve also impact Bitcoin's recovery, limiting short-term upside until economic conditions improve. So, patience might be a virtue here.

來自全球宏觀投資者的拉爾·帕爾（Raoul Pal）表明，在減半事件的驅動下，比特幣的歷史性四年周期現在可能會延長到五年的周期。美聯儲的高利率也影響了比特幣的複蘇，限制了短期上升空間，直到經濟狀況改善。因此，耐心可能是這裡的美德。

Final Thoughts

最後的想法

Bitcoin's current situation is a mixed bag of bearish pressures and potential rebound scenarios. While the possibility of a slide toward $105,000 (or even $103,000) looms, improved sentiment and accumulation could trigger a comeback. Keep a close watch on key market indicators and whale activity. Remember, in the world of crypto, anything can happen, so stay informed and buckle up for the ride!

比特幣的當前情況是一袋看跌壓力和潛在的反彈場景。雖然將滑行到105,000美元（甚至$ 103,000）的可能性迫在眉睫，但改善的情感和積累可能會引髮捲土重來。密切關注關鍵市場指標和鯨魚活動。請記住，在加密貨幣世界中，任何事情都可能發生，因此請保持知情並套上搭扣！