“我们现在看到的就像 2017 年 3 月一样。”分析师解释了为什么比特币可能很快复苏——或者崩盘得更厉害
比特币刚刚从历史最高点下跌了 24%——接下来会发生什么?分析师表示,BTC“非常接近其局部底部”,但黑天鹅事件会让它跌得更低吗?
Table of Contents宏观动荡动摇比特币机构资金撤退历史预示着反弹
宏观动荡动摇比特币
比特币 (BTC) 的价格一直起伏不定。今年 1 月,唐纳德·特朗普总统上任并建立了一个更加支持加密货币的政府,比特币价格创下了 109,114 美元的历史新高,此后市场发生了急剧转变。
As of Mar. 13, Bitcoin is sitting around $82,600, down 24% from its January peak, after plunging to a four-month low of $76,600 on Mar. 11.
Bitcoin price chart | Source: crypto.news
The market is facing headwinds from multiple directions. Wall Street is leaning into risk aversion, U.S. recession fears are growing, and Trumpâs new tariff policies have added uncertainty to the mix.
Many investors were also disappointed by the lack of fresh BTC purchases under the Trump administrationâs strategic reserve plan, which some had hoped would provide a steady buying force for Bitcoin.
宏观经济方面,3 月 12 日发布的通胀数据带来了短暂的乐观情绪。2 月份消费者价格指数仅上涨 0.2%,年通胀率放缓至 2.8%——低于 1 月份的 0.5%。扣除食品和能源价格的核心 CPI 也降至 3.1%,为 2021 年 4 月以来的最低水平。
市场最初对 CPI 数据走软做出了积极反应。比特币突破 84,000 美元,山寨币也出现两位数涨幅。标准普尔 500 指数和纳斯达克 100 指数也出现小幅上涨。
但乐观情绪并未持续太久。随着交易日的推进,受特朗普对主要贸易伙伴不断升级的关税战拖累,比特币和股票回吐了大部分涨幅。
特朗普采取戏剧性举措,对从加拿大进口的钢铁和铝征收 25% 的关税,促使加拿大对价值 210 亿美元的美国商品征收 25% 的关税进行报复。
仅数小时后,欧盟就对美国产品征收 280 亿美元的报复性关税,进一步加剧贸易紧张局势。
These actions have put investors on edge, shifting market sentiment toward a risk-off approach, where cash and safer assets like gold and bonds become more attractive than volatile plays like Bitcoin.
With all these forces at play, Bitcoin finds itself at a crossroads. Will it stabilize and gear up for another run, or are further corrections on the horizon? Letâs dig deeper.
Institutional money retreats
自 2 月 13 日以来,现货比特币 ETF 一直承受压力,资金流出速度惊人。虽然有几天出现净流入,但与大多数日子的大量流出相比,这些资金的流入量很小。
最严重的打击发生在 2 月 25 日,当天 ETF 出现了有史以来最大的单日资金流出,超过 10 亿美元,标志着机构投资者的避险情绪明显。
尽管出现资金流出,但截至 3 月 12 日,贝莱德的 IBIT 仍然是市场上占主导地位的 ETF,持有近 568,000 BTC。紧随其后的是富达的 FBTC 和 Grayscale 的 GBTC,分别管理 197,500 BTC 和 196,000 BTC。
比特币的叙事又增加了一层政治层面,特朗普总统内阁中至少有六名成员直接或通过 ETF 间接持有比特币。
其中,卫生与公众服务部部长罗伯特·F·肯尼迪 (Robert F. Kennedy Jr.) 拥有最大的已披露持股量,其 Bitcoin Fidelity 加密账户价值在 100 万至 500 万美元之间。
Treasury Secretary Scott Bessent holds between $250,001 and $500,000 worth of BlackRockâs iShares Bitcoin Trust ETF. While Bessent has pledged to divest his holdings within 90 days, his position highlights the growing connection between Bitcoin and top-level U.S. policymakers.
Meanwhile, Bitcoinâs open interest, a crucial metric showing the total value of outstanding BTC derivative contracts, has been in a downward spiral.
After peaking at $70 billion on Jan. 22, following Bitcoinâs new all-time high, open interest has been on a steady decline. As BTC tumbled, OI followed, dropping to a low of $45.7 billion on Mar. 11, the same day BTC hit its four-month low.
截至 3 月 13 日的 BTC 未平仓合约 | 来源:CoinGlass
然而,在过去两天里,未平仓合约开始回升,截至 3 月 13 日已增加超过 10 亿美元,与 BTC 的价格回升同步。
大量的 ETF 资金流出和未平仓合约的下降反映出过去几周机构投资者的犹豫和投机活动的减少。
比特币 1 月份的上涨受到强劲的 ETF 流入和高杠杆头寸的推动,但随着宏观不确定性和特朗普贸易战的升级,市场转为防御性。
最新的未平仓合约反弹是一个潜在信号,表明交易员正在谨慎地重新进入多头仓位,但复苏速度缓慢。未平仓合约和 ETF 流入的持续增加对于比特币恢复势头至关重要。
History hints at a rebound
Bitcoinâs recent pullback from its all-time high has been sharp, but historical trends and technical indicators suggest that this could either be a temporary bottom or the beginning of a deeper correction.
Technical analyst CryptoCon points out that Bitcoin has now reached historically low RSI Bollinger Band % levels, a point where BTC rarely stays for long.
比特币现已完全回归至极低的 RSI 布林带 % 水平,并且不愿意在那里停留很长时间。这是在第 4 阶段完成后发生的,ATH 突破如下:2013 年 1 月、2016 年 12 月和 2020 年 11 月。我们现在看到的只是……pic.twitter.com/Bb6XJlJTGE— CryptoCon (@CryptoCon_) 2025 年 3 月 12 日
具体来说,相对强弱指数衡量动量,而布林带则显示波动性。当 RSI 布林带百分比达到极低时,表明比特币处于超卖水平,这意味着下行压力可能正在耗尽。
In previous cycles, when BTC hit similar RSI Bollinger % lows, it marked a strong local bottom before the next leg up.
According to CryptoCon, Bitcoin has just completed Phase 4, a part of the market cycle where price breaks past the previous all-time highâsomething we saw in January 2013, December 2016, and November 2020.
In all three of these cycles, BTC had a correction after the breakout before rallying to a new high within the next 9 to 12 months.
He believes that this market cycle is behaving exactly like March 2017, when BTC faced a deep correction but then recovered to rally further. If thatâs the case, this means we are still months away from a cycle top.
然而,这种乐观的前景远未被普遍接受。另一位受人尊敬的分析师 Doctor Profit 列出了 BTC 下一步走势的两种可能情况。
https://twitter.com/DrProfitCrypto/status/1900007014165856644
在正常的市场环境下,BTC 的局部底部应在 68,000 美元至 74,000 美元之间形成,这由市场价值与实现价值指标确认。
MVRV 指标通过将当前市场价格与流通中所有 BTC 的平均购买价格进行比较来衡量比特币是否被高估或低估。
目前,MVRV 表明 BTC 正在接近强劲底部区域,这意味着除非发生剧烈事件,否则下行风险有限。
Thatâs where the Black Swan risk comes in. While Doctor Profit initially believed a Black Swan event was highly unlikely, recent economic shifts â such as Trumpâs aggressive tariff moves, global trade war concerns, and broader recession fears â make him less certain.
A severe global economic downturn, a financial crisis, or a major crypto industry collapse could push Bitcoin much lower, possibly toward $50,000. While he still leans toward the first scenario, he no longer rules out a full-blown market wipeout.
The signs are mixed. Bitcoinâs historical cycles suggest this is a healthy pullback before another rally, but global conditions have rarely been this unstable.
目前,投资者应保持谨慎,关注关键支撑位,并为加剧的波动做好准备。
尽管历史数据有利于经济复苏,但市场并非在真空中波动,外部冲击甚至可能压倒最强大的技术指标。投资额永远不要超过您能承受的损失。
披露:本文不代表投资建议。本页内容和材料仅供教育之用。
2025-03-13 23:14:24
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