比特币的价格高于至关重要的供应集群，约为$ 95,000。公牛可以保持动力，还是熊会抓住控制？分析关键水平和市场情绪。

Bitcoin Price: Navigating the $95K Supply Cluster and Bullish Thresholds

比特币价格：浏览$ 95K的供应集群和看涨阈值

Bitcoin's price action is heating up! It's currently balancing on a knife's edge, with a significant supply cluster lurking around $95,000. Will it hold? Let's dive into the key levels and what they mean for the future.

比特币的价格动作正在加热！目前，它在刀的边缘保持平衡，供应群的大量潜伏在95,000美元左右。会持有吗？让我们深入研究关键水平及其对未来的意义。

The $95K-$97K Supply Cluster: A Battleground

$ 95K- $ 97K的补给集群：战场

Glassnode's heatmap highlights a dense supply cluster between $95,500 and $97,000. This isn't just some random number; it's the first major support zone below the short-term holder cost basis of $98,000. Think of it as a line in the sand. Holding above this range signals a continuation of the bullish trend. But a sustained dip below? That could unleash the bears.

GlassNode的Heatmap突出显示了一个密集的供应集群在95,500美元至97,000美元之间。这不仅仅是随机数。这是低于短期持有人成本基础98,000美元的第一个主要支持区。将其视为沙子中的一条线。在此范围上保持超过此范围标志着看涨趋势的延续。但是下面持续下降？那可以释放熊。

This area is seeing heavy on-chain volume, confirming its importance as a battleground for market sentiment. All eyes are on whether the bulls can defend this territory or if the bears will break through, potentially triggering a sell-off.

该地区看到了大量的链量，证实了它的重要性是市场情绪的战场。所有人的目光都关注公牛是否可以捍卫这一领土，还是熊会突破，可能会引发抛售。

Institutional Inflows and Market Sentiment

机构流入和市场情绪

Adding fuel to the fire, institutional inflows have been a major tailwind, with nine straight gains in the ETF market. Large transactions (between $320k-$500k) are on the rise, and transactions over $100k make up nearly 90% of total network volume. Translation: the big players are making moves.

在火灾中增加燃料，机构流入一直是主要的逆风，在ETF市场中有9个直率的收益。大型交易（32万美元至50万美元之间）正在上升，超过$ 10万美元的交易占总网络量的近90％。翻译：大玩家正在采取行动。

Transaction activity, however, has dipped to 18-month lows *despite* the price uptrend. This suggests institutions and whales are holding tight, potentially squeezing the supply.

然而，尽管价格上涨趋势，但交易活动仍然降至18个月的低点 *。这表明机构和鲸鱼牢牢地挤压了供应。

Bullish vs. Bearish Scenarios

看涨与看跌的情况

If Bitcoin can maintain its upward trajectory above $105,785, expect further gains, with resistance around $106,540. A strong push could even test $107,200. But watch out! Dropping below $105,785 shifts momentum downwards, with support around $105,140. Breaching that level invalidates the bullish narrative and could send the price tumbling to $104,500.

如果比特币可以将其上升轨迹保持在105,785美元以上，预计会进一步增长，电阻约为106,540美元。强劲的推动甚至可以测试107,200美元。但是要当心！下跌低于$ 105,785的偏移势头，支撑大约105,140美元。违反该水平使看涨的叙述无效，并可能使价格跌至104,500美元。

State-Level Adoption: A Silent Tailwind

国家一级的采用：无声的逆风

Don't forget the quiet support from state governments. Arizona's senate just passed a Bitcoin reserve bill, and Ohio lawmakers approved tax exemptions for small crypto payments. As of now, 17 US states are exploring cryptocurrency reserves, with 4 already making it law. It's a slow burn, but this underlying appetite from state and federal levels is definitely a bullish sign.

不要忘记州政府的安静支持。亚利桑那州的参议院刚刚通过了一项比特币储备法案，俄亥俄州立法者批准了对小型加密货币付款的免税。截至目前，美国17个州正在探索加密货币储备，其中4个已经成为法律。这是一个缓慢的燃烧，但是从州和联邦一级产生的潜在需求绝对是看涨的信号。

The Verdict? Proceed with Caution (and Maybe a Little Excitement)

判决？谨慎行事（也许有点兴奋）

Bitcoin's price is at a pivotal moment. The $95K supply cluster is a crucial threshold that will likely determine the short-term direction. Watching the price action around these levels and keeping an eye on institutional inflows will be key. So buckle up, crypto enthusiasts! It's gonna be a wild ride!

比特币的价格处于关键时刻。 $ 95K的电源集群是一个至关重要的阈值，可能会决定短期方向。观看这些水平周围的价格动作并关注机构流入将是关键。加油，加密爱好者！这将是一个疯狂的旅程！