比特幣（BTC）公牛撤退，短期利潤會加劇

自4月第二週以來，比特幣公牛隊最近出現了強烈的複出後退縮。有趣的是，銷售壓力的複興突出了強調看跌條件的因素的融合。

Bitcoin bulls recently pulled back after staging a strong comeback since the second week of April. Interestingly, the resurgence of sell pressure highlights the convergence of factors underscoring bearish conditions.

自4月第二週以來，比特幣公牛隊最近出現了強烈的複出後退縮。有趣的是，銷售壓力的複興突出了強調看跌條件的因素的融合。

For starters, Bitcoin did become overbought according to the RSI towards the end of April. But that’s not all. It entered into a Fibonacci retracement zone in the last week of April, raising the probability of a pullback.

對於初學者來說，根據RSI在4月底之前，比特幣確實被過多地購買。但這不是全部。它在4月的最後一周進入了一個斐波那契回撤區，增加了回調的可能性。

However, price did manage to push above the Fibonacci retracement zone, paving the way for short liquidations. Nevertheless, the cryptocurrency ushered in the weekend with a 2.52% retracement since Friday.

但是，普萊斯確實設法超過了斐波那契回回區，為短清算鋪平了道路。儘管如此，自周五以來，加密貨幣在周末以2.52％的回撤。

Bitcoin Bears Make a Comeback as Short-Term Profit-Taking Intensifies

比特幣熊會捲土重來，因為短期盈利加劇

比特幣熊會捲土重來，因為短期盈利加劇

Unsurprisingly, Bitcoin spot flows switched in favor of outflows in the last 2 days. Over $810 million worth of spot outflows were recorded in the last 2 days, confirming BTC’s pivot. This outcome was further confirmation of bearish momentum building up driven by short term profit-taking.

毫不奇怪，比特幣斑點流在過去兩天中轉向流出。在過去的兩天中，記錄了價值超過8.1億美元的現貨流出，證實了BTC的樞紐。這一結果進一步證實了在短期利潤驅動的驅動下，看跌勢頭積累。

Among the noteworthy observations in the last few days include Bitcoin exchange reserves leveling out. However, it did not indicate a large uptick.

在過去幾天中，值得注意的觀察包括比特幣交換儲量升級。但是，這並不表示大型上升。

At the same time, exchange inflows stood at 6,277 BTC at the time of observation, while exchange outflows were lower at 5,448 BTC. A clear sign that exchange inflows were notably higher than outflows, hence confirming more sell pressure than bullish momentum.

同時，觀察時的交換流入為6,277 BTC，而交換流出率較低，為5,448 BTC。一個明顯的跡象表明，交換流入率明顯高於流出，因此確認了比看漲勢頭更大的賣出壓力。

The BTC exchange flows were in alignment with spot flow data. Further investigation revealed that miner reserves also pivoted, meaning a sell pressure from the miner cohort also aided the bears.

BTC交換流與點流數據保持一致。進一步的調查表明，礦工儲備也被樞紐了，這意味著礦工隊列的銷售壓力也有助於熊。

Miners introduce new BTC supply into the market when they sell their holdings. Interestingly, miner reserves revealed that the same category offloaded a substantial amount of BTC in April. This is likely due to the pressures they faced to maintain the cost of mining operations as BTC prices faced extreme volatility and uncertainty.

礦工出售其持股時，將新的BTC供應介紹給了市場。有趣的是，礦工儲備金顯示，同一類別在4月卸載了大量BTC。這很可能是由於他們面臨的壓力是維持採礦業務的成本，因為BTC價格面臨著極端的波動和不確定性。

Bitcoin miner reserves pivoted at the end of April, signaling the return of optimism. However, roughly $2.79 million worth of BTC flowed out of miner reserves in the last 2 days.

比特幣礦工儲備在4月底樞紐，這表明樂觀的回報。但是，在過去的兩天中，價值約279萬美元的BTC從礦工儲備中流出。

The outflows may reflect the current state of the market. While BTC has recovered substantially, the current market conditions suggested that a cloud of economic uncertainty still hovered above the hopes of a strong recovery. This may be in line with recent comments from BitMEX founder Arthur Hayes, further fueled that uncertainty.

流出可能反映市場的當前狀態。儘管BTC已經大量恢復，但當前的市場狀況表明，經濟不確定性雲仍然徘徊在強烈恢復的希望之上。這可能與Bitmex創始人Arthur Hayes的最新評論一致，這進一步加劇了這種不確定性。

Is the U.S Still Planning to Buy Bitcoin Any Time Soon?

美國是否仍計劃盡快購買比特幣？

美國是否仍計劃盡快購買比特幣？

Hayes has been a vocal Bitcoin proponent in recent times but he recently cast doubt on the prospects of the U.S adding more Bitcoin to its stockpile. According to the BitMEX founder, the probability of the U.S adding heavily buying more coins remains low especially due to the high national debt.

海斯最近一直是人聲比特幣的支持者，但他最近對美國的前景提出了懷疑，在其庫存中增加了比特幣。根據Bitmex創始人的說法，美國增加購買更多硬幣的可能性仍然很低，尤其是由於國債高。

He also noted that the asset still has a cultural image that does not exactly the kind of asset class that the U.S government has been linked to. In other words, Hayes did not expect more money printing to support BTC purchases.

他還指出，該資產仍然具有文化形象，並不完全是美國政府與之相關的資產類別。換句話說，海耶斯並不希望更多的錢打印來支持BTC的購買。

President Trump’s pro-Bitcoin comments triggered high expectations that the U.S would soon start accumulating BTC. However, the current U.S administration has been heavily occupied with the realities of the economic challenges that emerged due to tariffs.

特朗普總統的親甲幣評論引發了人們對美國很快開始積累BTC的高度期望。但是，現任美國政府因關稅引起的經濟挑戰的現實而被嚴重佔領。

Bitcoin related matters have taken a back seat now that the U.S administration is focusing on more pressing matters. As a consequence, the expectations of robust liquidity inflows from the U.S government have cooled down.

現在，美國政府專注於更緊迫的問題，與比特幣相關的事項已經倒退了。結果，美國政府對強大的流動性流入的期望降低了。

While that may be the situation, it is still worth noting that over 25 U.S states have filings aimed at allowing exposure to BTC through public funds. In other words, the ball is still rolling in favor of aggressive institutional inflows further down the road.

儘管情況可能是這種情況，但仍然值得注意的是，超過25個州的文件旨在允許通過公共資金接觸BTC。換句話說，球仍在滾動，支持進一步的機構流入。