比特币的[BTC] 13％Q1的下降主要是由2月的急剧下降驱动的，从而启动了重大的市场校正。

因此，在3月，短期持有人（STH）投降阶段占主导地位，导致已实现的损失激增，这将BTC推向了最低点，为77,000美元。

Bitcoin's 13% decline in Q1 was largely driven by a sharp 18% drawdown in February, which started a significant market correction from prior highs.

比特币在第1季度下降了13％，这在很大程度上是由2月的急剧下降驱动的，这是从先前的高点开始进行的重大市场纠正。

This had implications for short-term holder (STH) capitulation phases, which were largely realized in March as realized losses spiked and pushed BTC to lows of $77,000.

这对短期持有人（STH）的投降阶段具有影响，这在3月份大部分被实现，因为意识到的损失被飙升，并将BTC推向了77,000美元的低点。

However, despite this downturn, whale accumulation persisted, fueled by macroeconomic turbulence and a shift in risk appetite.

然而，尽管经济低迷，鲸鱼的积累仍在持续存在，这是由于宏观经济的湍流和风险食欲的转变所推动的。

This strategic influx of capital catalyzed a bullish rally that saw Bitcoin break through two key supply zones, leading to a liquidation cascade of leveraged positions.

这种战略性的资本涌入催化了看涨的集会，使比特币突破了两个关键的供应区，导致了一系列杠杆位置的清算级联。

Bitcoin is currently trading at $93,700, marking a 14% rebound from its March close and showing no signs of slowing down.

比特币目前的交易价格为93,700美元，标志着3月份的收盘价为14％，没有放慢脚步的迹象。

More importantly, BTC has flipped above its STH cost basis for the first time since mid-February, highlighting a pivotal shift in market structure and sentiment.

更重要的是，BTC自2月中旬以来首次超过其STH成本基础，突出了市场结构和情感的关键转变。

Bitcoin flips above STH realized price: Key reversal signal

比特币翻转超过STH实现的价格：钥匙反转信号

Bitcoin posted a 6.82% single-day gain on the 22nd of April, closing at $93,489, which saw it finally slice through a key overhead resistance level that had remained largely untested for over a month.

比特币在4月22日的单日收益为6.82％，收盘价为93,489美元，最终将其切成一个关键的高间接阻力水平，该水平在一个月以上一直未经测试。

Its implication? It flipped short-term holders (STHs) into profit territory after over a month of their realized price sitting below BTC's market valuation, leaving them in an “underwater” position.

它的含义？它在其实现的价格超过BTC的市场估值之后一个多月后，将短期持有人（STH）倒入了利润领域，使他们处于“水下”职位。

This resurgence signals a strong bullish continuation. Why? It serves as a critical FOMO trigger.

这种复兴标志着强烈的看涨延续。为什么？它是关键的FOMO触发器。

If Bitcoin manages to maintain its momentum, short-term investors are likely to continue holding on for outsized returns, viewing the move as a "reward" for their resilience during the March sell-offs.

如果比特币设法保持其势头，那么短期投资者可能会继续坚持巨额回报，将此举视为3月份抛售期间的韧性“奖励”。

In fact, at $93,986, 11.72k BTC were bought— the highest in the month. This marks a significant shift with strong outflows into wallets, further reinforcing AMBCrypto's thesis of bullish continuation.

实际上，购买了93,986美元，BTC的收购为11.72k，这是当月最高的。这标志着重大的转变，有力流出到钱包中，进一步加强了Ambcrypto关于看涨延续的论文。

With increased whale participation and the reversal of STHs into profit, Bitcoin's market structure has shifted decisively.

随着鲸鱼参与的增加以及STH的逆转盈利，比特币的市场结构果断地发生了变化。

The path of least resistance now points toward further bullish price discovery, with a potential for continuation into higher resistance zones.

现在，阻力最小的道路目前朝着进一步看涨的价格发现，并有可能继续进入更高的阻力区域。