作為100000美元的象徵性門檻，比特幣進入了一個湍流區域

由於市場仍然脆弱，由於持續的技術緊張局勢而放緩，並要求努力保持潛在的供應，因此這種關鍵信號發出。

As bitcoin approaches the symbolic threshold of $100,000, entering a zone of turbulence, Long-Term Holders are recording unrealized gains of nearly 350 %, according to on-chain analysis firm Glassnode.

根據鏈分析公司GlassNode的數據，隨著比特幣接近100,000美元的象徵性門檻，進入一個動蕩的區域，長期持有人的記錄未實現的增長近350％。

This critical signal comes as the market remains vulnerable, slowed by persistent technical tensions and demand struggling to keep pace with potential supply.

由於市場仍然脆弱，由於持續的技術緊張局勢而放緩，並要求努力保持潛在的供應，因此這種關鍵信號發出。

Record unrealized gains among Long-Term Holders: a critical threshold reached

記錄長期持有人的未實現收益：達到關鍵的門檻

In its latest weekly report, the firm highlights a key metric to watch closely: LTHs, defined as investors who have held BTC for more six months, are collectively approaching an unrealized profit margin of 350 %.

該公司在其最新的每週報告中重點介紹了密切關注的關鍵指標：定義為持有BTC六個月的投資者的LTHS共同接近未實現的利潤率為350％。

This level, usually associated with waves of profit-taking, could again play a decisive role.

這種水平通常與獲利浪潮有關，可以再次發揮決定性作用。

Glassnode emphasizes: “Historically speaking, the cohort of Long-Term Holders increases its selling pressure when the average member holds an unrealized profit margin of +350 %. This threshold coincides precisely with a spot price estimated at $99,900, very close to the psychological barrier of $100,000.”

GlassNode強調：“從歷史上講，當平均成員的未實現利潤率為+350％時，長期持有人的隊列增加了其銷售壓力。這個門檻與估計的99,900美元的現貨價格相吻合，非常接近於心理障礙，為100,000美元。”

However, they specify that, so far, these investors are known for their remarkable resilience, preferring to hold onto their gains rather than taking profits.

但是，他們指出，到目前為止，這些投資者以其非凡的韌性而聞名，寧願保持收益而不是獲得利潤。

Yet, some indicators suggest that a shift could be imminent. The analysis highlights: “A portion of this unrealized gain will quickly translate into realized gain if the price drops further. In other words, if buyers do not show up to absorb this potential supply, the market could experience a redistribution phase, with immediate implications for the price.”

但是，一些指標表明可能會發生轉變。分析強調：“如果價格進一步下跌，這一未實現的收益的一部分將迅速轉化為已實現的收益。換句話說，如果買家不出現來吸收這種潛在的供應，那麼市場可能會經歷重新分配階段，並立即對價格產生影響。”

Previous cycles have shown that this type of configuration often precedes short- or medium-term corrections.

以前的周期表明，這種類型的配置通常在短期或中期校正之前。

Technical vulnerabilities and market imbalances: the risk of a sudden reversal

技術脆弱性和市場失衡：突然逆轉的風險

Beyond the psychological factors linked to Long-Term Holders' profits, several technical indicators suggest that the current momentum could falter.

除了與長期持有人的利潤相關的心理因素之外，幾個技術指標還表明，當前的勢頭可能會動搖。

Trader TheKingfisher on Monday, May 1, highlighted a major imbalance in order books. On X (formerly Twitter: Twitter, Inc ), he noted a “massive wall of long liquidations” stacked below $91,000, while short positions above $96,600 are almost non-existent.

Trader Thekingfisher於5月1日星期一強調了訂單書的重大失衡。在X（以前是Twitter：Twitter，Inc）上，他指出了“長期清算的巨大牆”，堆積在91,000美元以下，而低於96,600美元的短職位幾乎不存在。

He stated: “The enormous imbalance suggests a strong downward magnet. The risk to long positions is high at these levels. The bullish potential seems low for now.”

他說：“巨大的失衡表明有強大的向下磁鐵。在這些水平上，長位置的風險很高。目前，看漲的潛力似乎很低。”

This vulnerability is all the more notable as bitcoin has barely crossed technically critical levels, such as the 111-day simple moving average (SMA) and the average realized price of short-term holders (STH).

由於比特幣在技術上幾乎沒有跨越至關重要的水平，例如111天簡單的移動平均線（SMA）和短期持有人（STH）的平均實現價格，因此這種脆弱性更為明顯。

Glassnode indicates that these thresholds have just been surpassed but remain precarious. These are levels that must be crossed and maintained to allow further price appreciation. A rejection could bring the price into a bearish zone and plunge many investors into significant unrealized losses.

玻璃節點表明這些閾值剛剛超過，但仍然不穩定。這些是必須越過和維護的水平，以便進一步欣賞價格。拒絕可以將價格帶入看跌區，並使許多投資者陷入巨大的未實現損失。

The accumulation of technical tensions combined with the prospect of massive selling by LTH paints an uncertain scenario for the coming weeks.

技術緊張局勢的積累加上LTH大規模銷售的前景，在接下來的幾週內表現出不確定的情況。

If bitcoin manages to stabilize above $100,000, it would be a remarkable sign of strength. However, in the absence of sufficient demand influx, downward pressure could quickly regain control. The next battle will therefore be at the crossroads of these psychological, technical, and behavioral thresholds.

如果比特幣設法穩定在100,000美元以上，那將是一個顯著的力量跡象。但是，在沒有足夠需求湧入的情況下，向下壓力可能會迅速恢復控制。因此，下一個戰鬥將是這些心理，技術和行為閾值的十字路口。