数据显示

根据领先的链上分析公司GlassNode的数据，比特币（BTC）最近的价格上涨正接近关键关头。

Long-term holders (LTHs) of Bitcoin (BTC) usually become more inclined to sell their coins when their unrealized profit margins reach around 350%, according to on-chain analytics firm Glassnode.

根据链分析公司GlassNode的数据，比特币（BTC）的长期持有人（LTH）通常更倾向于出售其硬币时，当其未实现的利润率达到350％左右。

This 350% profit marks a critical juncture as it leads to increased sell-side pressure, which, in turn, requires significant demand from buyers to sustain the upward price momentum.

这350％的利润标志着关键时刻，因为它导致卖方压力增加，这反过来又需要买家的大量需求来维持上涨的势头。

At the time of writing, this 350% profit level corresponds to a BTC price of about $99,900. LTHs are investors who have held their Bitcoin over multiple market cycles, usually a period of 155 days.

在撰写本文时，这350％的利润水平对应于BTC的价格约为99,900美元。 LTHS是投资者，他们在多个市场周期上持有比特币，通常为155天。

This analysis is crucial for traders and retail investors who follow technical analysis indicators to understand the broader market dynamics and anticipate possible price volatility.

该分析对于遵循技术分析指标的贸易商和散户投资者至关重要，以了解更广泛的市场动态并预期可能的价格波动。

Bitcoin Faces Key Test at $99.9K as Long-Term Holders Eye Profit-Taking

比特币以$ 99.9K的价格面对钥匙测试，作为长期持有人的眼睛盈利

The chart from Glassnode shows the behavior of long-term holders since December 2019. The green-shaded areas are periods of Bitcoin accumulation by long-term holders, while the red-shaded areas are periods of extreme sell pressure.

GlassNode的图表显示了自2019年12月以来长期持有人的行为。绿色阴影区域是长期持有人积累比特币的时期，而红色阴影地区是极端卖出压力的时期。

Historically, when the unrealized profit margin reached 350%, it would always correspond to periods of consolidation or pullbacks as these LTHs looked to take profits. Glassnode suggests that the current market structure is similar to these past patterns.

从历史上看，当未实现的利润率达到350％时，随着这些LTH的利润，它始终与合并期间或撤回时期相对应。 GlassNode表明当前的市场结构类似于这些过去的模式。

This analysis explains how BTC’s price movements are affected by the actions of long-term participants when they choose to start taking profits. However, sustained demand could overcome the selling pressure at the $99,900 price mark, which, in turn, would prevent a price drop at that level.

该分析解释了BTC的价格变动如何受到长期参与者选择开始获利的行动的影响。但是，持续的需求可以以99,900美元的价格克服销售压力，这反过来又可以防止在该水平上下跌。

Such sustained demand could come from spot ETF (exchange-traded fund) demands, large-scale institutional market-making firms, or other market participants with sufficient buying power to absorb the sell-side pressure.

这种持续的需求可能来自现货ETF（交易所交易基金）的需求，大规模的机构营销公司或其他具有足够购买力的市场参与者，可以吸收卖方压力。

This Glassnode chart also highlights why certain price levels often become psychological barriers, even during periods of strong market trends.

该玻璃节目图表还强调了为什么即使在强大的市场趋势时期，某些价格水平也经常成为心理障碍。

Some market analysts opine that if this cycle deviates from this traditional pattern, it could be a sign that Bitcoin is maturing as an asset class.

一些市场分析师认为，如果此循环偏离这种传统模式，则可能表明比特币正在成为资产类别。

Since its inception in 2009, Bitcoin has undergone a remarkable transformation from an experimental digital currency to a valuable asset class that now entices both institutional and retail investors.

自2009年成立以来，比特币经历了从实验性数字货币到宝贵的资产类别的显着转变，现在诱使机构和零售投资者。