加密货币市场陷入循环，像乒乓球一样在希望和恐慌之间弹跳

恐惧与贪婪指数正在翻滚，从极度恐惧转向贪婪，仿佛无法下定决心。

The crypto market is experiencing extreme volatility, with rapid shifts in sentiment and a lack of clear direction from the broader economy.

加密货币市场正在经历极度波动，情绪迅速变化，而且整体经济缺乏明确的方向。

Despite hints of rate cuts from central banks, which should benefit risky assets like crypto, we're seeing a surprising lack of movement in Bitcoin. It briefly surged from $60,000 to $64,000 but has since stalled.

尽管央行有降息的迹象，这应该有利于加密货币等风险资产，但我们看到比特币的走势却令人惊讶地缺乏。它短暂地从 60,000 美元飙升至 64,000 美元，但此后一直停滞不前。

Meanwhile, retail investors are piling into long positions, a trend that has historically preceded market downturns.

与此同时，散户投资者纷纷买入多头头寸，这种趋势历来先于市场低迷。

Altcoins are also experiencing sharp movements, with TON's price plummeting following news of Telegram founder Pavel Durov's arrest. This triggered a wave of liquidations, but open interest in TON is reaching new highs, indicating traders' interest in exploiting the volatility.

山寨币也经历了剧烈波动，在 Telegram 创始人 Pavel Durov 被捕的消息传出后，TON 的价格暴跌。这引发了一波清算浪潮，但 TON 的未平仓合约却创下新高，表明交易者有兴趣利用波动性。

Liquidity is crucial in the current market. For Bitcoin, key support zones to watch are below $62,000 and around the mid-$58,000 range.

流动性在当前市场中至关重要。对于比特币来说，值得关注的关键支撑区域是 62,000 美元以下和 58,000 美元中间附近。

If Bitcoin breaches these levels and continues to decline, it could reach critical pain points. A significant drop in open interest at these points might signal a shift.

如果比特币突破这些水平并继续下跌，它可能会达到关键的痛点。在这些点上未平仓合约的大幅下降可能预示着一种转变。

We've seen a pattern where price drops coincide with rising open interest, followed by a rapid price recovery. This script is familiar to traders, who are poised to react if it unfolds again.

我们看到了一种模式，即价格下跌与未平仓合约增加同时发生，随后价格迅速回升。交易者对这个脚本很熟悉，如果它再次发生，他们准备做出反应。