比特幣目前正在重新測試一個主要的供應群

一位鏈分析師解釋了比特幣根據供應成本基礎分配如何在決策點的中間。

An on-chain analyst has explained how Bitcoin could be in the middle of a decision point based on its supply cost basis distribution.

一位鏈分析師解釋了比特幣根據供應成本基礎分配如何在決策點的中間。

Bitcoin Is Currently Retesting A Major Supply Cluster

比特幣目前正在重新測試一個主要的供應群

In a new post on X, analyst Checkmate has talked about how Bitcoin is looking based on its UTXO Realized Price Distribution (URPD). The URPD is an on-chain indicator that tells us about what part of the BTC supply was last purchased at the different price levels that the cryptocurrency has visited in its history.

在X上的一篇新帖子中，Analyst Checkmate討論了比特幣根據其UTXO實現的價格分佈（URPD）的樣子。 URPD是一個鏈上的指標，它告訴我們上次以不同的價格水平購買的BTC供應的哪一部分是在其歷史上訪問的。

The analyst shared a chart for the metric, which shows the massive supply clusters that formed at the price ranges where Bitcoin spent a considerable amount of time in the past.

該分析師分享了該指標的圖表，該圖表顯示了以比特幣在過去花費大量時間的價格範圍內形成的大量供應簇。

(Image Credit: X/Checkmate)

（圖片來源：X/Checkmate）

As is visible in the graph, a notable part of the Bitcoin supply was purchased around the price range that BTC has been trading inside recently. In particular, there seem to be two massive supply clusters at these levels.

如圖所示，比特幣供應的顯著部分是在BTC最近在內部交易的價格範圍內購買的。特別是，在這些級別上，似乎有兩個巨大的供應群。

When Checkmate shared the chart yesterday, the cryptocurrency’s price was trading right between the two supply walls. That is, investors who bought in the lower of the walls were in the green and those who did at the upper one were underwater.

當Checkmate昨天分享了圖表時，加密貨幣的價格正在兩個供應牆之間交易。也就是說，在牆壁下部購買的投資者是綠色的，在上面的投資者在水下。

The analyst called the asset’s location as being "right in the middle of a decision point." This is because of the fact that any large move up or down from that point would have an effect on the profit-loss status of a large amount of addresses.

分析師稱該資產的位置為“在決策點的中間”。這是因為從那時起，任何很大的移動都會影響大量地址的利潤損失狀態。

In on-chain analysis, large supply walls under the spot BTC price are assumed to be locations of probable support, as the investors who bought there might defend their break-even mark during a retest. Similarly, the levels above can act as resistance, as those holders might take the opportunity to sell the cryptocurrency and get out with the whole of their investment back.

在鏈分析中，假定BTC價格下的大型供應牆被認為是可能支持的位置，因為在那裡購買的投資者可能會在重新測試期間捍衛自己的收支平衡。同樣，上面的水平可以充當抵抗，因為這些持有人可能會藉此機會出售加密貨幣並全力以赴。

Since the post, Bitcoin has seen a small pullback, so the asset is now leaning toward the green supply zone. It’s possible that this area would help keep BTC from falling lower, given the large amount of supply that was purchased inside it.

自從帖子以來，比特幣的回調很小，因此資產現在傾向於綠色供應區。考慮到其中購買了大量供應，該區域可能有助於防止BTC下降。

Naturally, where it goes next could end up having a major effect on the market sentiment. As Checkmate puts it, "all it will take is one big red or green candle from here to convince people of a lower high, or bull continuation, respectively."

自然，接下來它可能最終會對市場情緒產生重大影響。正如Checkmate所說，“只需要做的是一支來自這裡的大紅色或綠色蠟燭，以說服人們分別保持較低或公牛的延續。”

Bitcoin is currently also near a macro on-chain support level: the short-term holder Realized Price. As CryptoQuant community analyst Maartunn has explained in an X post, this level is situated at $93,364.

比特幣目前也接近宏觀的鍊鍊支持水平：短期持有人實現的價格。正如Maartunn在X帖子中所解釋的那樣，CryptoQuant Community Analyst在X帖子中解釋說，此級別的價格為93,364美元。

The short-term holder Realized Price refers to the average cost basis of the Bitcoin holders who purchased their coins within the past 155 days. This level has historically served as a boundary between bullish and bearish trends for BTC.

短期持有人意識到價格是指在過去155天內購買硬幣的比特幣持有人的平均成本基礎。從歷史上看，該水平一直是BTC的看漲趨勢和看跌趨勢之間的界限。

BTC Price

BTC價格

At the time of writing, Bitcoin is trading hands at around $94,000. The cryptocurrency is down 1.5% in the past 24 hours.

在寫作時，比特幣的交易價格約為94,000美元。在過去的24小時內，加密貨幣下降了1.5％。