比特币目前正在重新测试一个主要的供应群

一位链分析师解释了比特币根据供应成本基础分配如何在决策点的中间。

An on-chain analyst has explained how Bitcoin could be in the middle of a decision point based on its supply cost basis distribution.

一位链分析师解释了比特币根据供应成本基础分配如何在决策点的中间。

Bitcoin Is Currently Retesting A Major Supply Cluster

比特币目前正在重新测试一个主要的供应群

In a new post on X, analyst Checkmate has talked about how Bitcoin is looking based on its UTXO Realized Price Distribution (URPD). The URPD is an on-chain indicator that tells us about what part of the BTC supply was last purchased at the different price levels that the cryptocurrency has visited in its history.

在X上的一篇新帖子中，Analyst Checkmate讨论了比特币根据其UTXO实现的价格分布（URPD）的样子。 URPD是一个链上的指标，它告诉我们上次以不同的价格水平购买的BTC供应的哪一部分是在其历史上访问的。

The analyst shared a chart for the metric, which shows the massive supply clusters that formed at the price ranges where Bitcoin spent a considerable amount of time in the past.

该分析师分享了该指标的图表，该图表显示了以比特币在过去花费大量时间的价格范围内形成的大量供应簇。

(Image Credit: X/Checkmate)

（图片来源：X/Checkmate）

As is visible in the graph, a notable part of the Bitcoin supply was purchased around the price range that BTC has been trading inside recently. In particular, there seem to be two massive supply clusters at these levels.

如图所示，比特币供应的显着部分是在BTC最近在内部交易的价格范围内购买的。特别是，在这些级别上，似乎有两个巨大的供应群。

When Checkmate shared the chart yesterday, the cryptocurrency’s price was trading right between the two supply walls. That is, investors who bought in the lower of the walls were in the green and those who did at the upper one were underwater.

当Checkmate昨天分享了图表时，加密货币的价格正在两个供应墙之间交易。也就是说，在墙壁下部购买的投资者是绿色的，在上面的投资者在水下。

The analyst called the asset’s location as being "right in the middle of a decision point." This is because of the fact that any large move up or down from that point would have an effect on the profit-loss status of a large amount of addresses.

分析师称该资产的位置为“在决策点的中间”。这是因为从那时起，任何很大的移动都会影响大量地址的利润损失状态。

In on-chain analysis, large supply walls under the spot BTC price are assumed to be locations of probable support, as the investors who bought there might defend their break-even mark during a retest. Similarly, the levels above can act as resistance, as those holders might take the opportunity to sell the cryptocurrency and get out with the whole of their investment back.

在链分析中，假定BTC价格下的大型供应墙被认为是可能支持的位置，因为在那里购买的投资者可能会在重新测试期间捍卫自己的收支平衡。同样，上面的水平可以充当抵抗，因为这些持有人可能会借此机会出售加密货币并全力以赴。

Since the post, Bitcoin has seen a small pullback, so the asset is now leaning toward the green supply zone. It’s possible that this area would help keep BTC from falling lower, given the large amount of supply that was purchased inside it.

自从帖子以来，比特币的回调很小，因此资产现在倾向于绿色供应区。考虑到其中购买了大量供应，该区域可能有助于防止BTC下降。

Naturally, where it goes next could end up having a major effect on the market sentiment. As Checkmate puts it, "all it will take is one big red or green candle from here to convince people of a lower high, or bull continuation, respectively."

自然，接下来它可能最终会对市场情绪产生重大影响。正如Checkmate所说，“只需要做的是一支来自这里的大红色或绿色蜡烛，以说服人们分别保持较低或公牛的延续。”

Bitcoin is currently also near a macro on-chain support level: the short-term holder Realized Price. As CryptoQuant community analyst Maartunn has explained in an X post, this level is situated at $93,364.

比特币目前也接近宏观的链链支持水平：短期持有人实现的价格。正如Maartunn在X帖子中所解释的那样，CryptoQuant Community Analyst在X帖子中解释说，此级别的价格为93,364美元。

The short-term holder Realized Price refers to the average cost basis of the Bitcoin holders who purchased their coins within the past 155 days. This level has historically served as a boundary between bullish and bearish trends for BTC.

短期持有人意识到价格是指在过去155天内购买硬币的比特币持有人的平均成本基础。从历史上看，该水平一直是BTC的看涨趋势和看跌趋势之间的界限。

BTC Price

BTC价格

At the time of writing, Bitcoin is trading hands at around $94,000. The cryptocurrency is down 1.5% in the past 24 hours.

在写作时，比特币的交易价格约为94,000美元。在过去的24小时内，加密货币下降了1.5％。