在压力下的比特币价格：105,000美元仍在发挥作用吗？

比特币会面对看跌压力，因为关键持有人减少了暴露量。它会滑到105,000美元，还是可以实现超过$ 110,000的反弹？

Bitcoin Price Under Pressure: Is $105,000 Still in Play?

在压力下的比特币价格：105,000美元仍在发挥作用吗？

Bitcoin is feeling the heat as major players pull back from both derivatives and spot accumulation, hinting at a possible slide toward $105,000. Let's break down what's happening and what it means for you.

当主要玩家从衍生品和斑点积累中退缩时，比特币感觉到热量，暗示可能滑动到105,000美元。让我们分解发生的事情以及对您意味着什么。

Key Holders Retreat: What's Driving the Downturn?

关键持有人静修：是什么驱动了衰退？

On-chain data reveals that significant holders have drastically cut their exposure in perpetual futures over the past week. Simultaneously, large Bitcoin holders have slowed their accumulation, intensifying the bearish pressure on price momentum. It's like the big whales are taking a break, and the market's feeling it.

链上的数据表明，在过去一周中，重要的持有人大大削减了永久未来的曝光率。同时，大型比特币持有人减慢了积累的速度，增强了对价格动力的看跌压力。就像大鲸正在休息一下，市场的感觉。

Top Traders Slash Futures Exposure, Whales Retreat

顶级交易者削减期货的曝光，鲸鱼撤退

The recent dip in BTC has triggered a substantial reduction in perpetual futures positioning among key holders, signaling waning confidence in the coin's near-term prospects. According to Nansen, the top 100 crypto wallet addresses have reduced their perpetual futures exposure by a whopping 65.7% in the last seven days. When these big players scale back, it drains liquidity from BTC's perpetual futures market, making it more prone to volatility and sharper downturns. It also suggests that these major traders are hesitant to take on risk until clearer bullish signals emerge, exacerbating the bearish momentum.

BTC最近的下降引发了关键持有人之间永久性定位的大幅度降低，这表明对硬币的近期前景的信心减弱了。据南森（Nansen）称，在过去的七天中，前100个加密钱包的地址使他们的永久期货暴露量减少了65.7％。当这些大玩家缩减时，它会从BTC永久期货市场中流动流动性，使其更容易发动和疲惫。这也表明，直到出现更清晰的看涨信号并加剧了看跌势头之前，这些主要交易者不愿承担风险。

Moreover, BTC whales holding between 10,000 and 100,000 coins have also contributed to the current downturn, reducing their supply by 1% in the past week, equivalent to selling 20,000 BTC. Historically, sustained whale buying has supported BTC during downturns. With these large holders now stepping back, the asset lacks the strong buy-side pressure needed to prevent further declines.

此外，持有10,000至100,000枚硬币的BTC鲸也导致了当前的低迷，在过去一周中，其供应量减少了1％，相当于出售20,000 BTC。从历史上看，持续的鲸鱼购买在低迷期间支持了BTC。随着这些大型持有人现在退后一步，资产缺乏防止进一步下降所需的强大买入压力。

Could Price Slip Toward $103,000?

价格滑倒到103,000美元吗？

The daily chart's falling Relative Strength Index (RSI) reinforces this bearish outlook. Currently at 37.88 and trending downward, the RSI signals decreasing demand. This indicates that bearish momentum may persist, potentially pushing the coin's price toward $107,557. If this support level fails to hold, BTC could extend its dip to $103,931.

每日图表的相对强度指数（RSI）降低了这种看跌的前景。 RSI信号目前为37.88，趋势下降，需求减少。这表明看跌的动力可能会持续存在，有可能将硬币的价格推向107,557美元。如果此支持水平无法持有，BTC可以将其倾角扩展到103,931美元。

On the flip side, if sentiment improves and accumulation spikes, BTC could rebound and attempt to climb back above $110,034. Keep an eye on those levels!

另一方面，如果情绪改善和积累峰值，BTC可以反弹，并试图恢复超过$ 110,034。密切关注这些水平！

Broader Market Context and Future Outlook

更广泛的市场环境和未来的前景

Raoul Pal from Global Macro Investor suggests that Bitcoin's historic four-year cycle, driven by halving events, may now extend to a five-year cycle. High interest rates from the Federal Reserve also impact Bitcoin's recovery, limiting short-term upside until economic conditions improve. So, patience might be a virtue here.

来自全球宏观投资者的拉尔·帕尔（Raoul Pal）表明，在减半事件的驱动下，比特币的历史性四年周期现在可能会延长到五年的周期。美联储的高利率也影响了比特币的复苏，限制了短期上升空间，直到经济状况改善。因此，耐心可能是这里的美德。

Final Thoughts

最后的想法

Bitcoin's current situation is a mixed bag of bearish pressures and potential rebound scenarios. While the possibility of a slide toward $105,000 (or even $103,000) looms, improved sentiment and accumulation could trigger a comeback. Keep a close watch on key market indicators and whale activity. Remember, in the world of crypto, anything can happen, so stay informed and buckle up for the ride!

比特币的当前情况是一袋看跌压力和潜在的反弹场景。虽然将滑行到105,000美元（甚至$ 103,000）的可能性迫在眉睫，但改善的情感和积累可能会引发卷土重来。密切关注关键市场指标和鲸鱼活动。请记住，在加密货币世界中，任何事情都可能发生，因此请保持知情并套上搭扣！