隨著測試宏觀週的發展，比特幣（BTC）彈回了新鮮的歷史最高點。

BTC價格動作降至107,000美元以下，然後反彈到每週結束時，有些人熱切期待新的紀錄高點。

Bitcoin (BTC) traders are eyeing a return to all-time highs as a testing macro week gets underway.

隨著測試宏觀週的進行，比特幣（BTC）交易者正在關注返回曆史新高。

BTC/USD dipped below the $107,000 support on Friday before a rebound ultimately took the pair above the $110,000 mark as the May 25 weekly candle closed.

週五，BTC/USD跌至107,000美元的支持下，隨著5月25日每週蠟燭關閉，反彈最終使這對超過了110,000美元。

Old all-time highs from January are now a key area of interest as the week progresses.

隨著一周的發展，一月份的舊曆史高潮現在已成為關鍵領域。

Commentator Daan Crypto Trades argued that despite the last-minute recovery, Bitcoin needed a more convincing close to seal the likelihood of further gains next.

評論員Daan Crypto交易辯稱，儘管恢復了最後一刻，比特幣仍需要更具說服力的接近，以封印接下來的進一步收益。

The weekly candle closed at $109,100, according to data from Cointelegraph Markets Pro and TradingView — around $2,000 below the January high.

根據CoIntelegraph Markets Pro和TradingView的數據，每週的蠟燭收於109,100美元，低於一月份高點約2,000美元。

“Not a great looking weekly candle for an all-time high break. Generally, you want to see strong continuation especially considering the ~ $2B+ in ETF inflows that came in since breaching that previous high,” he told X followers in one of his latest posts.

他在他的最新帖子之一中對X追隨者說：“在有史以來，每週都不是一隻漂亮的每週蠟燭。通常，您希望看到強勁的延續，尤其是考慮到自違反以前的高點以來的ETF流入中的約2b+ $ 2b+。”

Forecasting an “interesting week,” Daan Crypto Trades referenced the ongoing popularity of the US spot Bitcoin exchange-traded funds (ETFs), which last week took in $2.75 billion.

Daan Crypto預測“有趣的一周”，提到了美國現貨比特幣交易所交易基金（ETF）的持續流行，上週收入了27.5億美元。

“$BTC is forming a bullish pennant here.It bounced back nicely from the support level, which is a good sign.Despite $1B long position closing and low liquidity volume, bears didn't take BTC down.I think the next week will be good for BTC.I can smell a new ATH again.”

“ $ btc在這裡形成一個看漲的三角旗。它從支撐級別上彈回了好的跡象，這是一個很好的跡象。儘管$ 1B的$ 1B長位置關閉且流動性低，但熊沒有將BTC倒下。我認為下週對BTC會有好處。我可以再次聞到新的Ath Ath。”

Others had new record highs in sight thanks to price action reversing upward at just below $107,000.

由於價格行動的上升速度剛剛低於107,000美元，其他人的新紀錄高點。

“$BTC has completed the breakout. Now it's about follow-through,” fellow trader BitBull summarized.

“ $ BTC已經完成了突破。現在，這是關於後續的，”其他商人Bitbull總結道。

Bond yields meet PCE in tough macro week

債券收益率在艱難的宏觀周中與PCE相遇

The week’s US macroeconomic data prints will see the Personal Consumption Expenditures (PCE) Index come into focus as the threat of rising interest rates continues.

本週的美國宏觀經濟數據印刷將看到個人消費支出（PCE）指數焦點，因為利率上升的威脅仍在繼續。

The PCE, which is the Federal Reserve’s “preferred” inflation gauge, is due for April on Monday, May 29, and will be joined by initial jobless claims.

PCE是美聯儲的“首選”通貨膨脹量表，將於5月29日星期一於4月舉行，並將與最初的失業索賠一起加入。

These follow the first revision of Q1 GDP, while in the background, rising bond yields are continuing to cause concern. Last week saw President Trump threaten 50% trade tariffs on the EU, which appeared to worsen the situation.

這些遵循第1季度GDP的首次修訂，而在背景中，債券收益率上升仍引起人們的關注。上週，特朗普總統威脅到歐盟的50％的貿易關稅，這似乎使情況惡化。

“It’s like clockwork: President Trump delays 50% EU tariffs until July 9th. Then, the 10Y Note Yield instantly rises back above 4.55%,” trading resource The Kobeissi Letter wrote in an X thread on the topic.

“這就像發條：特朗普總統將歐盟的關稅延遲至7月9日。然後，10年的票據產量立即上升到4.55％以上，” Kobeissi信件交易資源在該主題的X線程中寫道。

Kobeissi described the threat of higher interest rates as Trump’s “biggest problem,” and ultimately saw a lethal combination of trade deals and high benchmark interest rates.

Kobeissi將較高利率的威脅描述為特朗普的“最大問題”，並最終看到了貿易交易和高基準利率的致命結合。

“The Fed refuses to cut rates and trade deals are driving yields higher,” it summarized.

它總結說：“美聯儲拒絕降低利率，貿易交易的推動收益率更高。”

The minutes of the Fed’s May meeting, at which officials decided to hold rates at current levels, will also be released this week.

美聯儲5月會議的會議紀要，官員決定以當前水平持有利率，也將在本週發布。

The latest data from CME Group’s FedWatch Tool shows subdued market expectations of a rate cut this year, with no such action anticipated before the Fed’s September meeting.

CME Group的FedWatch工具的最新數據表明，今年降低稅率的市場期望柔和，未在美聯儲9月會議之前採取這種行動。

Exchange flash ‘bearish’ momentum signal

交換閃光燈“看跌”動量信號

One element of the market that is flashing bearish signals as the week begins is activity in exchange order books.

隨著一周的開始，市場的一個要素是閃爍的看跌信號，這是匯票中的活動。

In coverage of the taker buy/sell ratio, onchain analytics platform CryptoQuant announced a “strong bearish” trajectory as both buyers and sellers wound down activity.

在覆蓋Taker的買賣比率時，OnChain Analytics平台加密量牌宣布了“強大的看跌”軌跡，因為買賣者和賣家都削弱了活動。

“Across centralized exchanges (CEXs), both taker buy and taker short volumes have dropped significantly,” contributor Crazzyblockk wrote in one of its “Quicktake” blog posts.

撰稿人Crazzyblockk在其“ QuickTake”博客文章之一中寫道：“在集中式交流（CEXS）中，Taker Buy和Taker Short量都大大減少了。”

The taker buy/sell ratio tracks the ratio of buy to sell volume across takers during perpetual swap trades, and on Friday, May 25, it slid below the key level of 1 for the first time since early April.

Taker的買賣比率跟踪了永久交易期間的買賣量的買入比率，並且在5月25日星期五，自4月初以來首次滑行的關鍵水平低於1的關鍵水平。

This, Crazzyblockk concludes, is a sign that sellers are “beginning to dominate.”

Crazzyblockk得出結論，這表明賣家“開始占主導地位”。

“Simultaneously, 7-day price volatility is spiking, a typical signal of market inflection zones,” the blog post continued.

博客文章繼續說：“同時，7天的價格波動率是峰值，這是市場拐角區的典型信號。”

Before last week’s macro-driven price retreat, Cointelegraph reported on how the same taker data was conversely implying a fresh round of upside thanks to persistent buying pressure.

在上週的宏觀驅動價格撤退之前，Cointelegraph報導了相同的收集器數據如何暗示著由於持續的購買壓力，這意味著新一輪的上升空間。

"The heating up of the market is evident in the decreasing volume of both buyers and sellers in the past week. As a result, the CEX taker buy/sell ratio has fallen below 1 today for the first time since early April. This indicates that sellers are beginning to dominate.

“在過去一周的買賣雙方的數量下降中，市場的加熱是顯而易見的。因此，自4月初以來，今天的CEX Taker買賣比率在今天的首次下降到1。這表明賣方開始占主導地位。

Simultaneously, 7-day price volatility is spiking, a typical signal of market inflection zones. This aligns with the strong potential for a decisive move in either direction." - Crazzyblockk

同時，7天的價格波動率是尖峰，這是市場拐角區域的典型信號。這與朝任一方向果斷行動的強大潛力保持一致。 ”