从该指标来看，比特币仍处于熊市边缘

链上分析机构 CryptoQuant 的分析主管解释了为什么比特币也可能容易出现额外的下跌。

Head of Analysis on the on-chain analytics agency CryptoQuant has defined why Bitcoin could also be susceptible to seeing an additional drawdown.

链上分析机构 CryptoQuant 的分析主管解释了为什么比特币也可能容易出现额外的下跌。

Bitcoin Is Nonetheless On Verge Of Bear Market In This Indicator A brand new report from CryptoQuant highlights that BTC might nonetheless be susceptible to an additional downturn, primarily based on the P&L Index.

在该指标中，比特币仍处于熊市边缘 CryptoQuant 的一份新报告强调，基于损益指数，比特币可能仍容易受到进一步下滑的影响。

In a brand new put up on X, CryptoQuant Head of Analysis Julio Moreno has mentioned the most recent development within the Bitcoin Bull-Bear Market Cycle Indicator.

在 X 上的一篇新文章中，CryptoQuant 分析主管 Julio Moreno 提到了比特币牛熊市场周期指标的最新发展。

The “Bull-Bear Market Cycle Indicator” from CryptoQuant is an indicator based mostly on the P&L Index. The P&L Index combines a number of common BTC metrics associated to revenue and loss, permitting it to sum up the market steadiness in a single worth.

CryptoQuant 的“牛熊市场周期指标”是一个主要基于损益指数的指标。损益指数结合了与收入和损失相关的许多常见 BTC 指标，使其能够以单一价值来总结市场稳定性。

This indicator can verify whether or not the asset goes by a bullish or bearish interval by evaluating it in opposition to its 365-day shifting common (MA). When the cryptocurrency breaks above its 365-day MA, it may be assumed to be inside a bull market. Falling beneath this MA, however, implies a transition towards a bear market.

该指标可以通过相对于 365 天移动平均线 (MA) 进行评估来验证资产是否处于看涨或看跌区间。当加密货币突破 365 天均线时，可以认为它进入牛市。然而，跌破该移动平均线则意味着向熊市过渡。

The Bull-Bear Market Cycle Indicator, the precise metric of curiosity right here, exists to make this sample simpler to observe; it retains observe of the gap between the P&L Index and its 365-day MA. Now, here’s a chart that reveals the development within the Bitcoin Bull-Bear Market Cycle Indicator over the previous couple of years:

牛熊市场周期指标是好奇心的精确衡量标准，其存在是为了使该样本更易于观察；它保留观察损益指数与其 365 天移动平均线之间的差距。现在，下面的图表揭示了过去几年比特币牛熊市场周期指标的发展：

As displayed within the above graph, the Bitcoin Bull-Bear Market Cycle indicator had reached excessive values throughout the value all-time excessive (ATH) earlier within the yr (coloured in pink). At these ranges, the P&L Index has fairly the hole over its 365-day MA, indicating that the cryptocurrency’s bull rally had turn out to be overheated.

如上图所示，今年早些时候，比特币牛熊市场周期指标已达到历史最高水平 (ATH) 的最高值（粉色）。在这些范围内，损益指数与 365 天移动平均线相比存在相当大的差距，这表明加密货币的牛市反弹已经过热。

The graph reveals that the metric additionally gave this sign on a number of different events throughout the previous two years, and every time, the asset’s value reached the highest. Nonetheless, these earlier tops weren’t sufficient to carry the market again in the long run, because the Bull-Bear Market Cycle Indicator continued to stay contained in the bull territory (shaded in orange), the place the P&L Index is above its 365-day MA.

该图显示，该指标还对过去两年中的许多不同事件给出了这一信号，并且每次资产价值都达到最高点。尽管如此，从长远来看，这些早期的顶部不足以再次支撑市场，因为牛熊市场周期指标继续保持在牛市区域（橙色阴影），即损益指数高于 365日均线。

However, bull market momentum has lastly proven indicators of working out, with the indicator even briefly plunging into the bear territory (gentle blue) throughout the current value crash.

然而，牛市势头终于被证明是有效的指标，该指标甚至在当前价值暴跌期间短暂陷入熊市区域（淡蓝色）。

Whereas the metric has recovered again into the bull area with the surge that BTC’s value has noticed, it’s nonetheless very nar the impartial mark, indicating that it might doubtlessly sink again into the bearish zone shortly. Based mostly on this development, Moreno notes that BTC might nonetheless danger seeing an additional correction.

尽管随着比特币价格的飙升，该指标已再次回到牛市区域，但它仍然非常接近中立标准，这表明它可能很快会再次陷入看跌区域。莫雷诺指出，基于这一发展，比特币仍可能面临进一步调整的风险。

BTC Value Bitcoin has seen its restoration stall lately, as its value continues to be buying and selling across the $58,500 mark.

BTC 价值 比特币的复苏最近陷入停滞，其价值持续在 58,500 美元大关徘徊。