從該指標來看，比特幣仍處於熊市邊緣

鏈上分析機構 CryptoQuant 的分析主管解釋了為什麼比特幣也可能容易出現額外的下跌。

Head of Analysis on the on-chain analytics agency CryptoQuant has defined why Bitcoin could also be susceptible to seeing an additional drawdown.

鏈上分析機構 CryptoQuant 的分析主管解釋了為什麼比特幣也可能容易出現額外的下跌。

Bitcoin Is Nonetheless On Verge Of Bear Market In This Indicator A brand new report from CryptoQuant highlights that BTC might nonetheless be susceptible to an additional downturn, primarily based on the P&L Index.

在該指標中，比特幣仍處於熊市邊緣 CryptoQuant 的一份新報告強調，基於損益指數，比特幣可能仍容易受到進一步下滑的影響。

In a brand new put up on X, CryptoQuant Head of Analysis Julio Moreno has mentioned the most recent development within the Bitcoin Bull-Bear Market Cycle Indicator.

在 X 上的新文章中，CryptoQuant 分析主管 Julio Moreno 提到了比特幣牛熊市場週期指標的最新發展。

The “Bull-Bear Market Cycle Indicator” from CryptoQuant is an indicator based mostly on the P&L Index. The P&L Index combines a number of common BTC metrics associated to revenue and loss, permitting it to sum up the market steadiness in a single worth.

CryptoQuant 的「牛熊市場週期指標」是一個主要基於損益指數的指標。損益指數結合了許多與收入和損失相關的常見 BTC 指標，使其能夠以單一價值總結市場穩定性。

This indicator can verify whether or not the asset goes by a bullish or bearish interval by evaluating it in opposition to its 365-day shifting common (MA). When the cryptocurrency breaks above its 365-day MA, it may be assumed to be inside a bull market. Falling beneath this MA, however, implies a transition towards a bear market.

此指標可以透過相對於 365 天移動平均線 (MA) 進行評估來驗證資產是否處於看漲或看跌區間。當加密貨幣突破 365 天均線時，可以認為它進入牛市。然而，跌破該移動平均線則意味著向熊市過渡。

The Bull-Bear Market Cycle Indicator, the precise metric of curiosity right here, exists to make this sample simpler to observe; it retains observe of the gap between the P&L Index and its 365-day MA. Now, here’s a chart that reveals the development within the Bitcoin Bull-Bear Market Cycle Indicator over the previous couple of years:

牛熊市場週期指標是好奇心的精確衡量標準，其存在是為了使該樣本更易於觀察；它保留觀察損益指數與其 365 天移動平均線之間的差距。現在，下面的圖表揭示了過去幾年比特幣牛熊市場週期指標的發展：

As displayed within the above graph, the Bitcoin Bull-Bear Market Cycle indicator had reached excessive values throughout the value all-time excessive (ATH) earlier within the yr (coloured in pink). At these ranges, the P&L Index has fairly the hole over its 365-day MA, indicating that the cryptocurrency’s bull rally had turn out to be overheated.

如上圖所示，今年早些時候，比特幣牛熊市場週期指標已達到歷史最高水準 (ATH) 的最高值（粉紅色）。在這些範圍內，損益指數與 365 天移動平均線相比存在相當大的差距，顯示加密貨幣的多頭反彈已經過熱。

The graph reveals that the metric additionally gave this sign on a number of different events throughout the previous two years, and every time, the asset’s value reached the highest. Nonetheless, these earlier tops weren’t sufficient to carry the market again in the long run, because the Bull-Bear Market Cycle Indicator continued to stay contained in the bull territory (shaded in orange), the place the P&L Index is above its 365-day MA.

該圖顯示，該指標還對過去兩年中的許多不同事件給出了這一信號，並且每次資產價值都達到最高點。儘管如此，從長遠來看，這些早期的頂部不足以再次支撐市場，因為牛熊市場週期指標繼續保持在牛市區域（橙色陰影），即損益指數高於 365日均線。

However, bull market momentum has lastly proven indicators of working out, with the indicator even briefly plunging into the bear territory (gentle blue) throughout the current value crash.

然而，多頭勢頭終於被證明是有效的指標，該指標甚至在當前價值暴跌期間短暫陷入熊市區域（淡藍色）。

Whereas the metric has recovered again into the bull area with the surge that BTC’s value has noticed, it’s nonetheless very nar the impartial mark, indicating that it might doubtlessly sink again into the bearish zone shortly. Based mostly on this development, Moreno notes that BTC might nonetheless danger seeing an additional correction.

儘管隨著比特幣價格的飆升，該指標已再次回到牛市區域，但它仍然非常接近中立標準，這表明它可能很快就會再次陷入看跌區域。莫雷諾指出，基於這項發展，比特幣仍可能面臨進一步調整的風險。

BTC Value Bitcoin has seen its restoration stall lately, as its value continues to be buying and selling across the $58,500 mark.

BTC 價值 比特幣的復甦最近陷入停滯，其價值繼續在 58,500 美元大關徘徊。