随着交易员达到盈亏平衡，比特币接近拐点

交易员的比特币利润率已“基本为零”，这表明抛售压力可能结束。 CryptoQuant 的分析显示，交易员持有的交易所已回到 60,000 美元的盈亏平衡点，这表明已实现的损失可能可以避免，从而导致 BTC 下跌趋势可能出现转折点。

Bitcoin Nears Turning Point as Profit Margins Evaporate Amidst Market Correction

市场调整中利润率蒸发，比特币接近拐点

In a significant development that could mark a turning point in Bitcoin's price trajectory, traders' profit margins have reached "basically zero," potentially alleviating selling pressure on the cryptocurrency.

这一重大进展可能标志着比特币价格轨迹的转折点，交易者的利润率已达到“基本为零”，这可能会缓解加密货币的抛售压力。

According to research published on social media by Julio Moreno, head of research at on-chain analytics firm CryptoQuant, a crucial reset is underway in the Bitcoin market. Data indicates that traders have returned to breakeven point on exchange holdings at $60,000.

根据链上分析公司 CryptoQuant 研究主管 Julio Moreno 在社交媒体上发布的研究显示，比特币市场正在进行重大重置。数据显示，交易员持有的交易所资产已回到盈亏平衡点 60,000 美元。

"Bitcoin selling pressure from traders may be declining as unrealized profit margins are basically zero now," Moreno summarized.

莫雷诺总结道：“由于未实现利润率现在基本为零，交易员的比特币抛售压力可能正在下降。”

An accompanying chart depicts the profit and loss margins of short-term holders (STHs), defined as Bitcoin entities holding BTC for 155 days or less. These speculators have effectively exhausted profitable trades, suggesting that selling may now subside to prevent further losses.

随附的图表描绘了短期持有者 (STH) 的盈亏边际，短期持有者定义为持有 BTC 时间不超过 155 天的比特币实体。这些投机者实际上已经耗尽了有利可图的交易，这表明抛售现在可能会减弱，以防止进一步的损失。

Moreno further noted that historically, traders' realized price, represented by the pink line on the chart, has acted as support for prices during bull markets. Currently, it hovers around $60,000.

莫雷诺进一步指出，从历史上看，交易者的已实现价格（由图表上的粉红线表示）在牛市期间一直充当价格的支撑。目前，它徘徊在 60,000 美元左右。

Since Bitcoin began retracing from record highs in March, only one brief dip below the $60,000 level has occurred. Such retracements are typical after all-time highs are reached, and the recent surge before the block subsidy halving in May heightened expectations for a price correction.

自 3 月份比特币开始从历史高位回撤以来，仅出现过一次短暂跌破 60,000 美元水平的情况。这种回撤是达到历史高点后的典型现象，而近期在 5 月份集体补贴减半之前的飙升加剧了人们对价格调整的预期。

Returns to STHs' realized price have frequently marked market bottoms, and the trendline has provided continuous support since the end of the 2022 bear market. Only briefly in August last year did Bitcoin trade below this critical level.

STH 已实现价格的回报经常标志着市场底部，趋势线自 2022 年熊市结束以来一直提供持续支撑。仅在去年 8 月，比特币交易曾短暂低于这一关键水平。

Tentative Relief Bounce Amidst Ongoing Correction

在持续调整中暂时缓解反弹

On April 18, Bitcoin experienced a relief bounce, reaching $64,182 on Bitstamp, providing temporary respite from the ongoing correction.

4 月 18 日，比特币经历了一次缓解性反弹，在 Bitstamp 上达到 64,182 美元，为持续的调整提供了暂时的喘息机会。

"This is now an -18% deep pullback that has lasted 10 days thus far," observed popular trader and analyst Rekt Capital. "Depth-wise, this is very close to bargain-buying territory based on pullbacks in this cycle (up to -23% deep at most)."

著名交易员兼分析师 Rekt Capital 表示：“目前，这是-18%的深度回调，迄今为止已经持续了 10 天。” “从深度来看，这非常接近基于本周期回调的逢低买入区域（最多深达-23%）。”

"Time-wise however, this is still one of the shortest retracements in this cycle (currently only 10 days long). Previous pullbacks have lasted 2-3 weeks and at most up to two months."

“然而，从时间上看，这仍然是本周期中最短的回调之一（目前只有10天长）。之前的回调持续了2-3周，最多长达两个月。”

Another trader, Skew, emphasized the need for more evidence of spot demand to confirm a full-fledged recovery.

另一位贸易商 Skew 强调，需要更多现货需求证据来确认全面复苏。

It is important to note that this article does not provide investment advice or recommendations. Cryptocurrency markets are inherently volatile, and investors should conduct their own due diligence before making any trading decisions.

需要注意的是，本文不提供投资建议或建议。加密货币市场本质上是不稳定的，投资者在做出任何交易决定之前应进行自己的尽职调查。