比特幣（BTC）在市場上謹慎謹慎的情況下，其歷史最高（ATH）的高價（ATH）。

自4月初以來，加密貨幣已上漲了40％以上，達到107,000美元，隨後回調至105,300美元左右。

Bitcoin (BTC) is approaching its all-time high (ATH) of $109,000 with unusual caution from the market. The cryptocurrency has gained over 40% since early April, reaching as high as $107,000 before experiencing a pullback to around $105,300.

比特幣（BTC）在市場上謹慎謹慎的情況下，其歷史最高（ATH）的高價（ATH）。自4月初以來，加密貨幣已上漲了40％以上，達到107,000美元，隨後回調至105,300美元左右。

What makes this rally different from previous ones is the absence of extreme euphoria and overheated market indicators.

與以前的集會不同的是，沒有極端的欣快感和過熱的市場指標。

Technical analysis reveals that Bitcoin has been trading within a parallel channel pattern for the past few months. This pattern emerges when an asset consolidates between two parallel trendlines. Currently, BTC is testing the upper line of this channel, which has previously acted as a resistance point.

技術分析表明，在過去的幾個月中，比特幣一直在平行通道模式下進行交易。當資產在兩個平行趨勢線之間合併時，這種模式就會出現。目前，BTC正在測試該通道的上線，該通道先前已充當電阻點。

Several technical indicators suggest momentum might be stalling. The Relative Strength Index (RSI) shows divergence from the price action. While Bitcoin’s price has continued climbing, the RSI formed a smaller peak compared to its earlier high in the month. This type of divergence is often interpreted as a bearish signal.

幾個技術指標表明勢頭可能會停滯不前。相對強度指數（RSI）顯示出與價格動作的差異。儘管比特幣的價格持續上漲，但與本月早期的高峰相比，RSI的高峰較小。這種類型的差異通常被解釋為看跌信號。

The Moving Average Convergence/Divergence (MACD) indicator displays another concerning pattern. Recently, the MACD line dipped below the signal line, creating what traders consider a bearish crossover. This technical development adds to the cautious outlook for Bitcoin’s immediate price direction.

移動平均值收斂/差異（MACD）指示器顯示了另一個有關模式的。最近，MACD線傾斜在信號線以下，創建了交易者認為看跌的交叉。這一技術發展增加了比特幣立即價格方向的謹慎前景。

A Maturing Bull Market?

成熟的牛市？

Despite these warning signs, on-chain data from CryptoQuant suggests this rally may be healthier than previous bull runs. In past cycles, each new all-time high was typically accompanied by overheated funding rates and aggressive market buying volume, indicating short-term speculative excess.

儘管有這些警告信號，但來自加密素養的鍊鍊數據表明，這次集會可能比以前的公牛運行更健康。在過去的周期中，每個新的歷史最高高位通常都伴隨著過熱的資金率和積極的市場購買量，這表明短期投機性過剩。

This time, however, funding rates remain moderate, and Binance’s buy volume is actually trending downward. While this might appear as weak momentum at first glance, it could indicate a more stable and sustainable rally.

但是，這次的資金率仍然溫和，而二金的買入量實際上正在下降。雖然乍一看這可能是微弱的動力，但它可能表明一個更穩定和可持續的集會。

Buy volume has shown a steady uptrend since 2023, suggesting continued interest from long-term participants rather than short-term speculators. This underlying strength hints that Bitcoin still has room to grow if key support levels hold.

自2023年以來，購買量顯示出穩定的上升趨勢，這表明長期參與者而不是短期投機者的持續興趣。這種潛在的強度暗示，如果鑰匙支持水平保持，比特幣仍然有增長的空間。

The cryptocurrency is currently battling key supply levels after a volatile weekend. The price briefly touched $107,000 before quickly retracing over 4% into lower demand zones. This sharp move triggered caution across the market, with many analysts now considering the possibility of a pullback.

在一個動蕩的週末之後，加密貨幣目前正在與關鍵供應水平作鬥爭。該價格短暫觸及了107,000美元，然後迅速將超過4％的人轉回到較低的需求區域。這種急劇的舉動引發了整個市場的謹慎，許多分析師現在正在考慮撤退的可能性。

Support and resistance levels have formed a tight range. On the 4-hour chart, Bitcoin is consolidating between $103,600 and $105,500, with visible support at $103,600—a level that has acted as a springboard for multiple bounces recently.

支撐和阻力水平已形成緊密的範圍。在4小時的圖表上，比特幣的合併在103,600至105,500美元之間，可見的支持為103,600美元，這是最近多次彈跳的跳板。

The overall price structure suggests a potential breakout attempt, but failure to hold current levels could lead to a retest of the psychologically important $100,000 mark. Bulls must defend this zone to maintain the current bullish structure and avoid further downside.

總體價格結構表明潛在的突破性嘗試，但是未能保持當前水平可能會導致重新測試至關重要的100,000美元。公牛必須捍衛這一區域，以維持當前的看漲結構並避免進一步的缺點。

Both the 200-period simple and exponential moving averages continue sloping upward, reflecting the strength of the ongoing uptrend. Bitcoin remains well above both indicators—the SMA near $96,600 and the EMA around $97,600—showing that the macro trend remains intact for now.

200個週期的簡單和指數的移動平均值都在向上傾斜，這反映了正在進行的上升趨勢的強度。比特幣仍然遠高於兩個指標（SMA接近96,600美元，EMA約為97,600美元），表明宏觀趨勢目前保持不變。

Trading volume has declined slightly during this consolidation period, suggesting that traders are waiting for confirmation before positioning themselves. A breakout above local highs near $107,000 could open the door to price discovery and a run toward the all-time high near $109,000.

在此合併期間，交易量略有下降，表明交易者在定位之前正在等待確認。超過本地高點的突破近107,000美元可能打開了價格發現的大門，並朝著有史以來的高點接近109,000美元的奔跑。

However, if Bitcoin loses $103,600 support, bearish momentum could quickly build, potentially triggering a deeper correction.

但是，如果比特幣損失了103,600美元的支持，看跌勢頭可能會迅速建立，可能會引發更深層次的校正。

The next few days will be decisive for Bitcoin’s short-term price action. With the cryptocurrency coiling for a major move, the market remains divided on whether to expect a breakout to new highs or a shakeout.

接下來的幾天將對比特幣的短期價格行動決定性。隨著加密貨幣的重大行動，市場仍然分歧，因為是否期望突破新高點還是搖晃。

Bitcoin’s current price at $105,300 represents a critical juncture as it approaches the previous all-time high of $109,000.

比特幣目前的價格為105,300美元，這是一個關鍵的關頭，因為它接近了以前的109,000美元。