The Bitcoin price has been steadily moving around its current range as 2023 comes to an end. Recent data cast light on the current market structure and what could trigger an extension in the bullish momentum.

隨著 2023 年即將結束，比特幣價格一直在當前區間穩定波動。最近的數據揭示了當前的市場結構以及可能引發看漲勢頭延續的因素。

As of this writing, Bitcoin (BTC) trades at $37,900 with a 1% loss in the last 24 hours. Over the previous week, the cryptocurrency has traded in the green as other assets recorded small losses, except for Solana (SOL) and Dogecoin (DOGE).

截至撰寫本文時，比特幣 (BTC) 交易價格為 37,900 美元，過去 24 小時內下跌 1%。上週，除了 Solana (SOL) 和 Dogecoin (DOGE) 之外，其他資產均錄得小幅虧損，加密貨幣交易呈現綠色。

Big Day For The Bitcoin Price: What Whales Are Planning

比特幣價格的重要日子：鯨魚們正在計劃什麼

Data shared by crypto analytics platform Material Indicators shows the current state of the orderbook for trading venue Binance. The world’s largest crypto, looking into this orderbook often reveals patterns and clues to anticipate the price action.

加密分析平台 Material Indicators 共享的資料顯示了交易場所 Binance 訂單簿的當前狀態。世界上最大的加密貨幣，研究這個訂單簿通常會揭示預測價格走勢的模式和線索。

Today, Bitcoin faces two potentially high volatility events: whales will fight over the monthly candle close, and the US will reveal macroeconomic data. Thus, the cryptocurrency could finally break above its current levels or re-test support.

今天，比特幣面臨兩個潛在的高波動性事件：鯨魚將爭奪月度蠟燭收盤價，美國將公佈宏觀經濟數據。因此，加密貨幣最終可能會突破當前水準或重新測試支撐。

The data from Material Indicators, as seen on the chart below, shows a spike in buying orders from Bitcoin whales and “mega” whales (Purple and Brown on the chart, respectively). This buying pressure is unlikely to translate into a rally as these investors prioritize market efficiency.

如下圖所示，Material Indicators 的數據顯示，比特幣鯨魚和「巨型」鯨魚（圖表中分別為紫色和棕色）的購買訂單激增。由於這些投資者優先考慮市場效率，這種購買壓力不太可能轉化為反彈。

Thus, they place small orders on exchanges to reduce slippage, leading the price to range. The good news is that this behavior is often positive for the BTC price by attracting, according to Material Indicators, “bid (buy) liquidity.“

因此，他們在交易所下小訂單以減少滑點，導致價格波動。好消息是，根據 Material Indicators 的說法，這種行為通常會吸引“出價（購買）流動性”，從而對 BTC 價格產生積極影響。

Once there is enough liquidity in the order book, whales can sell their positions and avoid downside slippage. The firm stated:

一旦訂單簿中有足夠的流動性，鯨魚就可以出售其部位並避免下行滑點。該公司表示：

The more they attract, the more they can dump while minimizing slippage. Over the past 7 Days, Purple Whales have Market Bought ~$16M of #BTC and in 4 hours distributed ~$42M to the bidders they lured into the range. Regardless of whether you are bullish or bearish, there are #trading opportunities ahead, as this game appears to be on extended play mode.

它們吸引的越多，就能拋售越多，同時最大限度地減少滑點。在過去 7 天裡，紫鯨在市場上購買了約 1600 萬美元的#BTC，並在 4 小時內向他們吸引進入該範圍的競標者分發了約 4200 萬美元。無論您是看漲還是看跌，前面都有#交易機會，因為這款遊戲似乎處於延長遊戲模式。

In that sense, traders should expect further sideways price action as whales and mega whales take over the market. In the meantime, $40,000 and $35,000 are two critical areas that could hint at a change in the current market dynamic.

從這個意義上說，隨著鯨魚和巨型鯨魚佔領市場，交易者應該預期價格將進一步橫盤走勢。同時，40,000 美元和 35,000 美元是兩個關鍵區域，可能暗示當前市場動態發生變化。

Cover image from Unsplash, chart from Tradingview

封面圖片來自 Unsplash，圖表來自 Tradingview