The Bitcoin price took a downside turn over the weekend and seems ready to re-test critical support levels. The downside price action was triggered by a spike in selling pressure following the approval of Bitcoin spot Exchange Traded Funds (ETFs) in the US.

比特币价格在周末出现下跌，似乎准备重新测试关键支撑位。比特币现货交易所交易基金（ETF）在美国获得批准后，抛售压力激增引发了价格下行走势。

相关阅读：随着比特币价格继续受到压制，比特币鲸鱼进行大规模抛售

As of this writing, the Bitcoin price trades at $40,900 with a 2% loss in the past 24 hours. Over the last week, these losses doubled, with other assets in the crypto top 10 by market underperforming, except for Dogecoin (DOGE), which still records a 4% profit in the same period.

截至撰写本文时，比特币价格交易价格为 40,900 美元，过去 24 小时内下跌了 2%。上周，这些损失翻了一番，市场排名前 10 名的加密资产中的其他资产表现不佳，但狗狗币 (DOGE) 除外，该资产同期仍录得 4% 的利润。

比特币的价格在日线图上呈上涨趋势。来源：Tradingview 上的 BTCUSDT

Bitcoin Price Loses Steam, How Low Can BTC Go?

比特币价格失去动力，比特币能跌到多低？

Via the social media platform X, the founder and former CEO of crypto exchange BitMEX, Arthur Hayes, shared a forecast for the Bitcoin price. According to Hayes, BTC seems poised to lose its current levels.

加密货币交易所 BitMEX 创始人兼前首席执行官 Arthur Hayes 通过社交媒体平台 X 分享了对比特币价格的预测。海耶斯表示，比特币似乎即将失去目前的水平。

The crypto founder and trader claims that the low timeframe price action will likely push Bitcoin below $40,000 and potentially below $35,000 if bulls fail to defend the higher area around these levels.

这位加密货币创始人兼交易员声称，如果多头未能守住这些水平附近的较高区域，那么低时间范围内的价格走势可能会将比特币推至 40,000 美元以下，甚至可能低于 35,000 美元。

The main issue regarding the current market structure rests upon the liquidity in the Bitcoin market. As seen in the chart below and as pointed out by Hayes, the liquidity in the BTC market has been trending to the downside since the Bitcoin spot ETF was approved.

当前市场结构的主要问题在于比特币市场的流动性。如下图所示，正如 Hayes 指出的，自比特币现货 ETF 获批以来，比特币市场的流动性一直呈下行趋势。

As a result, and due to the constant selling pressure from the Grayscale Bitcoin Trust (GBTC), the market has been trending to the downside and could maintain this course until the next major macroeconomic event.

因此，由于灰度比特币信托基金（GBTC）持续的抛售压力，市场一直呈下行趋势，并且可能会维持这种趋势，直到下一次重大宏观经济事件发生。

On the above, the BitMEX founder stated:

对此，BitMEX 创始人表示：

Why has $SPX and $BTC stopped moving up together post US BTC ETF launch? Both are love more $ liq, which one is right about the future? $BTC is telling us that there are hiccups ahead for $ liq, next signpost is 31st Jan US Treasury refunding annc (announcement).

为什么在美国 BTC ETF 推出后，$SPX 和 $BTC 不再一起上涨？两者都更爱$ liq，对于未来，哪一个是正确的？ $BTC 告诉我们，美元流动性将出现问题，下一个路标是 1 月 31 日美国财政部退款公告（公告）。

比特币市场流动性下降，影响了价格走势。资料来源：X 上的 Arthur Hayes

If Bitcoin Goes South, What Levels Could Hold The Line?

如果比特币下跌，什么水平可以支撑住？

A pseudonym crypto analyst showed a cluster of buying orders stacked from the $38,819 to the $40,000 levels in a separate report. In other words, these levels should present opposition and seem like BTC’s biggest opportunity to bounce back, at least on low timeframes.

一位化名的加密货币分析师在另一份报告中展示了一组从 38,819 美元到 40,000 美元水平的买入订单。换句话说，这些水平应该会带来阻力，并且似乎是 BTC 反弹的最大机会，至少在较短的时间范围内是这样。

相关阅读：比特币价格变红，为何 BTC 可能跌破 4 万美元

In that sense, the analyst stated the following, anticipating a possible short-term recovery, and showing the image below:

从这个意义上说，分析师做出了以下表述，预计可能会出现短期复苏，并显示了下图：

Some big zones starting to build up around 41K & 42K. Pretty certain we’ll at least take out that top part somewhere next week. Will see if price sustains after that.

一些大区域开始在 41K 和 42K 左右建立。很肯定我们至少会在下周的某个地方取出顶部的部分。之后看价格能否维持。

BTC 图表显示了一系列买入流动性在 38,800 美元至 40,000 美元之间。来源：X 上的 DaanCrypto

Cover image from Unsplash, chart from Tradingview

封面图片来自 Unsplash，图表来自 Tradingview

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