比特币（BTC）价格行动分析：图表在说什么

摩根大通（JPMorgan）的分析师最近发布了一份有关市场趋势的报告，虽然资本持续流入黄金作为避风港资产

Analysts at JPMorgan recently published a report about a market trend that, while there is a continuing inflow of capital into gold as a safe-haven asset, Bitcoin seems to be absent. Amid global economic uncertainty, gold is an asset for investors seeking stability. However, Bitcoin is referred to by some as “digital gold” without the same level of investor inflow. According to JPMorgan’s report, gold continues to benefit from enhanced inflows via ETFs and futures, and conversely, the BTC price action has not been able to access those safe-haven flows.

摩根大通（JPMorgan）的分析师最近发布了一份有关市场趋势的报告，尽管作为避风港资产的资本持续流入黄金，但比特币似乎不存在。在全球经济不确定性中，黄金是寻求稳定的投资者的资产。但是，有些人将比特币称为“数字黄金”，而没有相同水平的投资者流入。根据摩根大通的报告，黄金继续从ETF和Futures的流入增强中受益，相反，BTC的价格行动无法访问这些安全的流量。

Global macroeconomic uncertainty has pushed investors toward the familiar haven of gold. In the first quarter of 2025, gold ETFs provided a staggering $21.1 billion inflow. Among those inflows, China and Hong Kong contributed at least $2.3 billion to the total, and also the raft of speculative activity positively impacted the price of gold futures.

全球宏观经济的不确定性已将投资者推向熟悉的黄金天堂。在2025年第一季度，黄金ETF提供了惊人的211亿美元流入。在这些流入中，中国和香港为总数贡献了至少23亿美元，投机活动也对黄金期货的价格产生了积极影响。

Gold has benefited due to a surge in speculative interest that has increased demand. Inversely, Bitcoin likely missed out on the same demand. The lack of interest from an investment point of view in the price movements of Bitcoin when compared to gold suggests a change in behaviours when making preferences as investors look to traditional assets during times of uncertainty.

黄金由于投机利益的激增而受益，这增加了需求。相反，比特币可能错过了同样的需求。与黄金相比，比特币价格变动的投资角度缺乏兴趣，这表明在不确定性期间投资者期待传统资产时，行为会发生变化。

Bitcoin Struggles to Maintain Its ‘Digital Gold’ Status

比特币难以维持其“数字黄金”状态

The “digital gold” label for Bitcoin has been severely stressed. JPMorgan analysts say Bitcoin has not generated the same safe-haven flows as gold. The BTC Price has remained stable around $84,300. The Bitcoin ETF and futures haven’t matched the investor interest shown in gold. The analysts found that the $62,000 level for Bitcoin is essential, especially as it is an estimated cost of production. Bitcoin is increasingly failing to achieve haven flows, threatening its “digital gold” identity, especially given how well gold has performed.

比特币的“数字黄金”标签受到了严重的压力。摩根大通分析师说，比特币没有产生与黄金相同的安全流。 BTC价格在84,300美元左右保持稳定。比特币ETF和期货与黄金中所显示的投资者兴趣不符。分析师发现，比特币的62,000美元水平至关重要，尤其是因为这是估计的生产成本。比特币越来越无法实现避风港流，威胁到其“数字黄金”身份，尤其是考虑到黄金的性能。

BTC Price Action Analysis: What the Charts Are Saying

BTC价格动作分析：图表在说什么

The BTC price trading session started between $83,100 and $84,000, forming a tight range before breaking out around 13:00 UTC, pushing the price towards $85,500. An overbought RSI and a golden cross on the MACD, signaling strength in the short term, supported this move. However, the BTC price was quickly rejected near resistance, leading to a $2,500 drop to $83,200, where support held.

BTC价格交易会议开始于83,100美元至84,000美元之间，在13:00 UTC爆发之前形成了一个紧张的范围，将价格推向了85,500美元。 MACD上有超级合格的RSI和一个金十字，在短期内表示强度支持了这一举动。但是，BTC价格很快被拒绝接近抵抗，导致2500美元跌至83,200美元，并在这里持有支持。

Chart 1, Analyzed by Alokkp0608, published on April 17th, 2025

图1，由Alokkp0608分析，于2025年4月17日发布

The RSI dipped into oversold territory, and the MACD death cross confirmed the bearish retracement. After finding a bottom, the BTC price established an ascending channel, bouncing from $83,200 and rising back above $84,400. The recovery showed multiple golden crosses, but a brief return to overbought conditions suggests exhaustion. The MACD remains slightly bullish, though momentum seems to be fading as the gap between its lines narrows.

RSI浸入了超卖领土，MACD死亡十字架证实了看跌的回溯。找到底部后，BTC价格建立了一个上升渠道，从83,200美元弹跳，返回了84,400美元以上。恢复显示了多个黄金十字架，但短暂的回归过多的条件表明疲惫。 MACD仍然有些看好，尽管随着线条之间的差距变窄，动量似乎正在逐渐消失。

Safe-Haven Showdown: Gold Triumphs, Bitcoin Trails

避风港摊牌：金牌胜利，比特币步道

Bitcoin and gold diverge in performance as investor preferences shift, particularly during uncertain economic times. While gold remains the first choice as a haven, Bitcoin is falling short of its digital safe haven reputation. The resurgence in gold demand with institutional and retail investors has shown that the appeal for classic assets is still strong, even during uncertain times. For Bitcoin to reclaim its safe-haven title, it must demonstrate that it can pull in capital inflows, similar to gold. As the markets currently stand, Bitcoin could emerge as a second-tier asset in a space increasingly leading towards more established assets.

随着投资者偏好的变化，比特币和黄金的性能分歧，尤其是在不确定的经济时期。尽管黄金仍然是避风港的首选，但比特币却没有其数字避风港的声誉。与机构和散户投资者一起，黄金需求的复兴表明，即使在不确定的时期，对经典资产的吸引力仍然很强。为了使比特币收回其安全的头衔，它必须证明它可以吸收类似于黄金的资本流入。随着市场目前的影响，比特币可能会成为越来越多地朝着更具成熟资产的领域中的二线资产出现。