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.

随着 2023 年即将结束，比特币价格一直在当前区间稳定波动。最近的数据揭示了当前的市场结构以及可能引发看涨势头延续的因素。

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).

截至撰写本文时，比特币 (BTC) 交易价格为 37,900 美元，过去 24 小时内下跌 1%。上周，除了 Solana (SOL) 和 Dogecoin (DOGE) 之外，其他资产均录得小幅亏损，加密货币交易呈绿色。

Big Day For The Bitcoin Price: What Whales Are Planning

比特币价格的重要日子：鲸鱼们正在计划什么

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 共享的数据显示了交易场所 Binance 订单簿的当前状态。世界上最大的加密货币，研究这个订单簿通常会揭示预测价格走势的模式和线索。

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，比特币面临两个潜在的高波动性事件：鲸鱼将争夺月度蜡烛收盘价，美国将公布宏观经济数据。因此，加密货币最终可能会突破当前水平或重新测试支撑。

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.

如下图所示，Material Indicators 的数据显示，比特币鲸鱼和“巨型”鲸鱼（图表中分别为紫色和棕色）的购买订单激增。由于这些投资者优先考虑市场效率，这种购买压力不太可能转化为反弹。

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，他们在交易所下小订单以减少滑点，导致价格波动。好消息是，根据 Material Indicators 的说法，这种行为通常会吸引“出价（购买）流动性”，从而对 BTC 价格产生积极影响。

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

一旦订单簿中有足够的流动性，鲸鱼就可以出售其头寸并避免下行滑点。该公司表示：

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.

它们吸引的越多，就能抛售越多，同时最大限度地减少滑点。在过去 7 天里，紫鲸在市场上购买了约 1600 万美元的#BTC，并在 4 小时内向他们吸引进入该范围的竞标者分发了约 4200 万美元。无论您是看涨还是看跌，前面都有#交易机会，因为这款游戏似乎处于延长游戏模式。

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.

从这个意义上说，随着鲸鱼和巨型鲸鱼占领市场，交易者应该预期价格将进一步横盘走势。与此同时，40,000 美元和 35,000 美元是两个关键区域，可能暗示当前市场动态发生变化。

Cover image from Unsplash, chart from Tradingview

封面图片来自 Unsplash，图表来自 Tradingview