比特币[BTC]达到关键关头

BTC现在徘徊在$ 92,500大关附近，发现自己位于看涨势头和看跌抗性之间的僵局中心。

Bitcoin (BTC) price is now at a critical juncture, hovering around the $92,500 mark as bullish momentum faces off against bearish resistance.

比特币（BTC）的价格现在处于关键时刻，盘旋在$ 92,500的左右，而看涨的动力面对看跌的抵抗力。

After a recent pullback from the $94,000 zone, BTC has found support around this level, remaining in a key decision zone.

在最近从94,000美元的区域进行了回调之后，BTC在此级别上找到了支持，保留在关键决策区中。

As the cryptocurrency market eagerly anticipates a move, new data from Alphractal highlights a crucial aspect of this anticipation: short-term holders (STHs) are nearing a key price zone, while leveraged positions have surpassed $10 billion.

正如加密货币市场热切期望的那样，字母的新数据突出了这一预期的关键方面：短期持有人（STHS）接近一个关键价格区，而杠杆头寸已超过100亿美元。

STHs and a critical decision

STH和一个关键决定

As the red lines in the chart below show, when BTC trades significantly above the STH realized price, it often signals overheated conditions, especially when considering the magnitudes of the movements.

正如下图中的红线所示，当BTC的交易显着高于STH实现的价格时，它通常会信号过热条件过热，尤其是在考虑动作的幅度时。

This is highlighted by the red arrows, which usually mark new highs in bull markets and are often followed by corrections. Conversely, the green arrows usually mark points where price either reclaimed or managed to hold above this level, highlighting bullish pivots or periods where STHs managed to accumulate at increasingly difficult price levels.

红色箭头突出了这一点，红色箭头通常标志着牛市的新高点，并且经常随后进行更正。相反，绿色箭头通常标志着价格回收或设法超过此水平的点，突出了看涨的枢轴或STH设法以越来越困难的价格水平积累的时期。

Currently, BTC is hovering just above the STH realized price, which is also the same level where we can observe a potential build-up of buying pressure, as the STH MVRV is approaching the neutral 1.0 level from below, a zone which is usually associated with either accumulation or impending upside volatility.

目前，BTC徘徊在STH实现的价格之上，这也是同一水平，我们可以观察到潜在的购买压力积累，因为STH MVRV从下方开始接近中性1.0级别，该区域通常与累积或预期的上升波动有关。

At the same time, we can observe that whenever the STH MVRV got close to this zone in the past, it was either a bottom or a major pivot.

同时，我们可以观察到，每当STH MVRV过去靠近该区域时，它是底部或主要的枢轴。

BTC STH realized price and MVRV зависят от общей стоимости монет в кошельках, которые не держались в обращении в течение более чем 100 дней, и могут использоваться для оценки того, насколько прибыльными или убыточными в среднем являются STHs в данный момент времени.

BTC STH实现的价格和MVRV取决于钱包中硬币的总成本超过100天以上，并且可以用来评估给定时间的STH有利可图或不合适的。

A deeper analysis of the on-chain data reveals that the market is bracing for impact.

对链链数据的更深入分析表明，市场正在为影响。

Both the realized cap impulse and the long-term realized cap impulse indicators are currently in low zones of support, which is something we haven’t seen in a few months.

实现的帽子冲动和长期实现的帽脉冲指标目前处于低落的支持区域，这是几个月来我们还没有看到的东西。

As the chart below shows, historically, lower readings of these indicators, especially when they occur after periods of dormancy, have coincided with significant price expansions.

如下图所示，从历史上看，这些指标的读数较低，尤其是在休眠期间发生的情况下，它们与价格的大量扩张相吻合。

Finally, Open Interest tells its own story: leveraged positions remain highly elevated, recently crossing $70 billion. Such buildup usually precedes explosive moves, as either longs or shorts get liquidated all together.

最后，开放兴趣讲述了自己的故事：杠杆职位仍然高度提高，最近超过700亿美元。这样的积累通常是爆炸性动作之前的，因为渴望或短裤一起清算。

The final stage of the current bull market

当前牛市的最后阶段

According to the latest data from Glassnode, the price of Bitcoin is now at a critical juncture as it hovers around the $92,500 mark.

根据GlassNode的最新数据，比特币的价格现在处于关键时刻，因为它徘徊在92,500美元左右。

At this point, bullish momentum is facing off against bearish resistance, and the market is tightly coiled and ready to snap in either direction.

在这一点上，看涨的势头正面对看跌的抵抗力，市场紧紧地盘绕，准备朝任一方向抢走。

As the chart above shows, after a recent pullback from the $94,000 zone, Bitcoin has found support around this level and remains in a key decision zone.

如上图所示，在最近从$ 94,000的区域进行回调之后，比特币在此级别附近找到了支持，并且仍然位于关键决策区。

At the same time, the short-term holders (STHs) are nearing a critical price zone, and leveraged positions have surpassed $10 billion, which is something that usually occurs at market bottoms or major pivots.

同时，短期持有人（STH）接近一个关键的价格区，杠杆头寸已超过100亿美元，这通常是在市场底部或主要枢轴上发生的。

STHs are usually defined as entities holding coins for less than 100 days, while the STH realized price is the average price at which STHs acquired their coins, which can be used to assess the STHs’ collective profitability.

STH通常被定义为持有硬币的实体不到100天，而STH实现的价格是STH获得其硬币的平均价格，可用于评估STHS的集体盈利能力。

When Bitcoin trades significantly above the STH realized price, it often signals overheated conditions, especially if we consider the magnitudes of the movements. This is highlighted by the red arrows in the chart above, which usually mark new highs in bull markets and are often followed by corrections.

当比特币的交易显着高于STH实现的价格时，它通常会信号过热条件，尤其是如果我们考虑动作的幅度。上图中的红色箭头突出了这一点，这通常标志着牛市中的新高点，并且经常随后进行更正。

Conversely, the green arrows usually mark points where the price either reclaimed or managed to hold above this level, highlighting bullish pivots or periods where STHs managed to accumulate at increasingly difficult price levels.

相反，绿色箭头通常标志着价格收回或设法超过此级别的点，突出了Bullish的枢轴或STH设法以越来越困难的价格水平积累的时期。

Currently, Bitcoin is hovering just above the STH realized price, which is also the same level where we can observe a potential build-up of buying pressure, as the STH MVRV is approaching the neutral 1.0 level from below, a zone which is usually associated with either accumulation or impending upside volatility.

目前，比特币正徘徊在STH实现的价格之上，这也是同一水平，我们可以观察到潜在的购买压力积累，因为STH MVRV从下方开始接近中性1.0级别，该区域通常与累积或预期的上升波动有关。

At the same time, we can observe that whenever the STH MVRV got close to this zone in the past, it was either a bottom or a major pivot.

同时，我们可以观察到，每当STH MVRV过去靠近该区域时，它是底部或主要的枢轴。

The STH realized price and MVRV depend on the total value of coins in wallets that haven’t been used for more than 100 days and can be used to assess how profitable or unprofitable the STHs are on average at a given moment in time.

STH实现的价格和MVRV取决于钱包中硬币的总价值超过100天，可以用来评估在给定时间时刻的STH平均有利可图或无利可图的钱。