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目前比特币正尝试展开逆势温和反弹,本轮下跌清洗了大量多头杠杆,并在衍生品市场触发被动抛压与连锁强平(强制平仓)。
短期看,技术面仍有上测空间,但反弹能否走得更远,关键在于是否有新增资金接力,而非仅靠空头回补与机制性对冲资金来维持。 正如我们此前所述,比特币仍处于更大级别的熊市中期重置阶段。
在这一阶段,快速拉升并不少见,但往往难以延续,链上数据也在持续印证当前环境仍偏脆弱,需求动能走弱,结构性增持有限。 $BTC