Following Christmas and a strong corrective rally on Christmas Eve, the crypto market lost over $18 billion within a 48-hour period.
聖誕節後聖誕節和聖誕節前夕強烈的糾正反彈，加密市場在48小時內損失了超過180億美元。
The Bitcoin price dipped below the $3,800 mark after a promising price surge to $4,300 and the Bitcoin Cash price suffered a large decline from $230 to $170 within a one-week span, losing 26 percent of its value against the U.S. dollar.
在一個有希望的價格飆升至4,300美元之後，比特幣價格跌至3,800美元以下，比特幣現金價格在一週內從230美元大幅下跌至170美元，其價值相對於美元下跌了26％。
Factors Behind Wild Volatility in Crypto
加密貨幣波動的因素
Throughout the past week, investors in the cryptocurrency market have been generally positive on the short-term trend of Bitcoin and other major crypto assets, given the dominant cryptocurrency’s strong recovery to the mid-$4,000 region.
在過去的一週裡，加密貨幣市場的投資者普遍對比特幣和其他主要加密資產的短期趨勢持積極態度，因為主要的加密貨幣強勢復甦到4,000美元中間區域。
But, many analysts also cautiously suggested that the cryptocurrency market is still in a bear market and while it may be in the last phase of a year-long downtrend, a high level of volatility in a low price range is expected.
但是，許多分析師也謹慎地暗示加密貨幣市場仍處於熊市中，雖然它可能處於長達一年下行趨勢的最後階段，但預計低價格區間會出現高波動性。
On December 21, prior to a rally that allowed the crypto market to add over $40 billion to its valuation, a cryptocurrency trader with the online alias “The Crypto Dog” said that a rally above key resistance levels in the $5,000 to $5,500 range is unlikely in the short-term despite some momentum major crypto assets showed.
12月21日，在允許加密市場增加400億美元估值的反彈之前，一位擁有在線別名“The Crypto Dog”的加密貨幣交易商表示，在5,000美元至5,500美元範圍內的關鍵阻力位上方反彈的可能性不大盡管主要加密資產顯示出一些勢頭，但在短期內。
The trader wrote:
該交易員寫道：
Bitcoin found support near historical highs at $3,000. Earlier this week, I watched Bitcoin’s volatility and sell volume stall the further its price fell, leading me to wonder if the fabled ‘$3,000 support’ would be front ran. It was. If bulls are able to push past $4500, $4800 is the last bump in resistance that stands in the way before $5,400. At this time I am not anticipating a rally beyond $5,500, nor can I guarantee more relief even past $4,500, though we must not count any scenario out.
比特幣在歷史高點附近獲得3,000美元的支撐位。本週早些時候，我看到比特幣的波動性和賣出量隨著價格進一步下跌而停滯不前，讓我想知道這個傳說中的“$ 3,000支持”是否會成為前線。它是。如果多頭能夠突破4500美元，那麼4800美元是阻力位在5,400美元之前的最後阻力位。在這個時候，我並沒有預料到超過5,500美元的漲勢，我也不能保證更多的救濟，即使超過4,500美元，儘管我們不能指出任何情況。
1/ #Bitcoin found support near historical highs at $3,000. Earlier this week, I watched Bitcoin's volatility and sell volume stall the further its price fell, leading me to wonder if the fabled "$3,000 support" would be front ran.
1 / #Bitcoin在3,000美元的歷史高點附近獲得支撐。本週早些時候，我觀察了比特幣的波動性和賣出量，價格進一步下跌，讓我想知道這個傳說中的“$ 3,000支持”是否會成為前線。
For the crypto market to initiate a proper bull rally and a mid-term uptrend, it will have to undergo a several-month-long consolidation and accumulation period during which the value of cryptocurrencies rise gradually against the U.S. dollar.
對於加密市場發起適當的牛市反彈和中期上升趨勢，它將不得不進行為期數月的整合和積累期，在此期間加密貨幣的價值逐漸上升對美元。
From August to November, for just over three months, the cryptocurrency market demonstrated a record low volatility rate but it still was not enough to stabilize the market and establish a solid bottom.
從8月到11月，僅僅三個多月，加密貨幣市場就出現了創紀錄的低波動率，但仍然不足以穩定市場並建立穩固的底部。
$3,120, the lowest point the Bitcoin price achieved in 2018, could be the bottom for the asset. Immediately after the asset fell to $3,120, a large buy wall was created in that price range, allowing the market to recover.
比特幣價格在2018年達到的最低點3,120美元可能是該資產的底部。在資產跌至3,120美元之後，在該價格範圍內立即創造了大量買入壁，使市場恢復。
The bottom was most likely reached at $3,120, but unless the market stabilizes and demonstrates gradual momentum, it is not possible to conclusively state that a proper bottom has been achieved.
底部最有可能達到3,120美元，但除非市場穩定並顯示出逐漸增長的動力，否則不可能最終確定已經實現了適當的底部。
When Will Volatility Stop
什麼時候波動性會停止
Until the cryptocurrency market shows a high level of stability in an extended time frame, the market will continue to demonstrate extreme volatility in a low price range.
在加密貨幣市場在較長時間內表現出高度穩定性之前，市場將繼續在低價格範圍內表現出極端波動。
The volatility of crypto assets shown in the past week was unexpected because of the intensity of the movements on both the upside and downside.
過去一週所顯示的加密資產的波動性是出乎意料的，因為上行和下行的走勢都很強烈。
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