由於比特幣形成風險模式，預示更多下行空間，加密貨幣相關股票面臨巨大風險

Coinbase股價已較今年最高點暴跌24%，徘徊在5月20日以來的最低點。

Bitcoin-related stocks are facing a lot of pressure as the coin forms risky technical patterns that could see it crash to $50,000. Coinbase stock price has already crashed by 24% from the highest point this year and is now trading at the lowest level since May 20th.

比特幣相關股票面臨巨大壓力，因為比特幣形成了風險技術模式，可能會跌至 50,000 美元。 Coinbase股價已較今年最高點暴跌24%，目前處於5月20日以來的最低水準。

Bitcoin mining stocks have also retreated from their record highs. For example, MicroStrategy (NASDAQ:MSTR) stock has dived by more than 31% from the YTD high while Marathon Digital (NASDAQ:MARA) has collapsed by 42%. Other Bitcoin mining companies like CleanSparK, Cipher Mining, Bitfarms, and Core Scientific have also moved into a bear market after falling by more than 20% from their YTD highs.

比特幣礦業股也從歷史高點回落。例如，MicroStrategy (NASDAQ：MSTR) 股價較年初至今高點下跌超過 31%，而 Marathon Digital (NASDAQ：MARA) 則暴跌 42%。 CleanSparK、Cipher Mining、Bitfarms 和 Core Scientific 等其他比特幣挖礦公司在較年初至今高點下跌超過 20% 後也進入熊市。

All these stocks tend to do well when Bitcoin is in a bull market. For example, most of them soared to multi-year highs in March as Bitcoin climbed to a record high of $73,600. This performance happened because BTC is the main driver for the crypto industry and when t soars, other altcoins do well. At the same time, Bitcoin mining companies generate higher profits when Bitcoin is in an uptrend as well while Coinbase and other exchanges see more activity.

當比特幣處於牛市時，所有這些股票往往表現良好。例如，隨著比特幣攀升至 73,600 美元的歷史新高，其中大多數在 3 月飆升至多年高點。出現這種表現是因為 BTC 是加密貨幣行業的主要驅動力，當 t 飆升時，其他山寨幣表現良好。同時，當比特幣處於上升趨勢時，當 Coinbase 和其他交易所看到更多活動時，比特幣挖礦公司會產生更高的利潤。

Now, the biggest risk for stocks like COIN, MSTR, and MARA is that Bitcoin is in a dangerous path that could see it crash to $50,000 in the near term. As shown above, the coin has formed a quadruple-top chart pattern whose neckline is at $56,400.

現在，COIN、MSTR 和 MARA 等股票面臨的最大風險是，比特幣正處於危險的道路上，可能會在短期內跌至 50,000 美元。如上圖所示，該代幣已形成四重頂圖表形態，頸線位於 56,400 美元。

This pattern forms when buyers are afraid of buying an asset above a key resistance point, which we saw earlier this month as Bitcoin failed to rise above $72,200. In most cases, this pattern is among the riskiest in the financial market.

當買家害怕購買高於關鍵阻力點的資產時，就會形成這種模式，本月早些時候，當比特幣未能升至 72,200 美元以上時，我們就看到了這種情況。在大多數情況下，這種模式是金融市場中風險最高的模式之一。

At the same time, Bitcoin has crashed below the 50-day and 100-day Exponential Moving Averages (EMA). It is also hovering at the 23.6% Fibonacci Retracement level.

同時，比特幣已跌破 50 天和 100 天指數移動平均線 (EMA)。它也徘徊在 23.6% 斐波那契回檔位。

Therefore, we can expect to see more downside for the coin, especially if sellers manage to push it below the neckline at $56,400. If this happens, the next point to watch will be the psychological level at $56,400 followed by the 50% retracement level at $44,000.

因此，我們預計該代幣將面臨更多下行空間，特別是如果賣家設法將其推至頸線以下 56,400 美元的話。如果發生這種情況，下一個值得關注的點將是 56,400 美元的心理水平，然後是 44,000 美元的 50% 回撤水平。

Such a performance will lead to more downside for Bitcoin mining stocks like Riot Platforms, Cipher Mining, and Marathon Digital. This performance will likely happen because of a lack of catalyst in the crypto industry.

這樣的表現將導致 Riot Platform、Cipher Mining 和 Marathon Digital 等比特幣礦業股票面臨更大的下行空間。由於加密產業缺乏催化劑，這種表現很可能會發生。

Bitcoin halving has already happened, the SEC already approved Bitcoin ETFs and the Fed shows no signs of starting to cut interest rates. Bitcoin ETFs are also seeing outflows, pointing to weaker demand.

比特幣減半已經發生，美國證券交易委員會已經批准了比特幣 ETF，Fed也沒有顯示出開始降息的跡象。比特幣 ETF 也出現資金外流，顯示需求疲軟。