比特幣（BTC）繼續徘徊在心理關鍵$ 100,00級別以下

比特幣的當前價格動作表明了經典的合併階段。在本月早些時候簡要測試了100,000美元的天花板之後，價格仍然存在。

Bitcoin (BTC) continues to hover below the psychologically key $105,000 level, fueling speculation that a massive breakout—or a prolonged stall—could be just around the corner.

比特幣（BTC）繼續徘徊在心理關鍵$ 105,000的水平以下，這加劇了人們的猜測，即大規模的突破（或長時間的失速）可能會在拐角處。

Despite surging interest from institutions and growing anticipation of a “supercycle,” Bitcoin’s upward momentum has slowed, with consolidation tightening and investor sentiment appearing split.

儘管機構引起了人們的興趣，並且對“超級循環”的預期日益增加，但比特幣的上升勢頭卻放緩了，鞏固的鞏固和投資者的情緒顯得分裂。

BTC in Holding Pattern: Why $105K Matters

BTC保持模式：為什麼$ 105K很重要

Bitcoin’s current price action suggests a classic consolidation phase. After briefly testing the $105,000 ceiling earlier this month, the price has remained range-bound.

比特幣的當前價格動作表明了經典的合併階段。在本月早些時候簡要測試了105,000美元的天花板之後，價格仍然存在。

Technical analysts attribute this stall to a lack of strong bullish volume and resistance near all-time highs.

技術分析師將此攤位歸因於缺乏有史以來高高的強大看漲量和阻力。

This sideways trading comes despite an overall bullish backdrop. BlackRock, Fidelity, and other asset managers continue to pour into spot Bitcoin ETFs, and Bitcoin’s hash rate and network activity remain near record highs.

儘管總體看漲背景，但這種側向交易仍在進行。 BlackRock，Fidelity和其他資產經理繼續湧入現貨比特幣ETF，比特幣的哈希速率和網絡活動仍然接近創紀錄的高點。

What’s Fueling Speculation of a Bitcoin Supercycle?

比特幣超級循環的猜測是什麼？

Some analysts believe Bitcoin could be on the verge of a rare “supercycle”—a term referring to a prolonged and aggressive price surge, typically driven by macroeconomic shifts and broad institutional adoption.

一些分析人士認為，比特幣可能處於罕見的“超級循環”的邊緣，這個術語指的是長時間和積極進取的價格上漲，通常是由宏觀經濟轉變和廣泛的機構採用驅動的。

According to Bitcoin Magazine’s market analysis, these conditions, paired with supply-side constraints, could serve as a perfect storm for a historic rally.

根據比特幣雜誌的市場分析，這些條件與供應方約束配對，可以成為歷史性集會的完美風暴。

Factors Supporting the Supercycle Thesis:

支持超循環論文的因素：

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What’s Holding BTC Back?

是什麼把BTC退回了？

While many bulls believe a breakout is inevitable, bears argue that the lack of retail enthusiasm is a red flag. According to data from Cointelegraph, Google search trends for “Bitcoin” remain flat, indicating that mainstream investor participation hasn't yet returned in full force.

儘管許多公牛認為突破是不可避免的，但貝爾斯認為，缺乏零售熱情是一個危險信號。根據CoIntelegraph的數據，“比特幣”的Google搜索趨勢仍然平坦，這表明主流投資者的參與尚未全力以赴。

Near-Term Headwinds:

近期逆風：

What Happens Next?

接下來會發生什麼？

Market watchers are split. Some expect a sharp rally once Bitcoin breaks convincingly above $105K, potentially targeting $120K–$135K levels in the short term.

市場觀察者分裂。有些人預計一旦比特幣令人信服地超過$ 105K，有一個急劇的拉力賽，可能會以$ 120K - 13.5萬美元的水平為目標。

Others warn that if BTC fails to break out soon, it could retrace back to $95K or lower, testing investor conviction.

其他人則警告說，如果BTC未能盡快爆發，它可能會追溯到95,000美元或更低，從而測試投資者的定罪。

For now, Bitcoin traders remain in wait-and-see mode. With a narrowing price range, historically low volatility, and rising anticipation, the stage is set for a significant move—up or down.

目前，比特幣交易者仍處於飲食模式。由於價格範圍狹窄，歷史上的波動率低以及預期的上升，該階段旨在採取重大行動，或下降。