比特幣（BTC）擴大了最近的康復，在過去的兩個星期中增長了15％以上，達到97559美元的市場價格

這種新的勢頭使資產更接近100000美元的心理水平，這標誌著更廣泛的加密貨幣市場中投資者情緒的潛在轉折點。

Bitcoin (BTC) has continued to extend its recent recovery, adding more than 15% over the past two weeks to reach a market price of $97,559 by Monday 12:00 AM ET.

比特幣（BTC）繼續延長其最近的回收率，在過去兩周中增加了15％以上，到達美國東部時間星期一12:00 am的市場價格達到97,559美元。

The renewed momentum brings the asset closer to the $100,000 psychological level, which could be a turning point for investor sentiment in the broader crypto market.

這種新的勢頭使資產更接近100,000美元的心理水平，這可能是投資者情緒在更廣泛的加密市場中的轉折點。

While short-term price action often generates mixed reactions, some market analysts believe that key long-term indicators may be aligning for a larger move ahead. One of those voices is Bitcoin maxi Robert Breedlove, who shared a series of observations on X about indicators that could point toward a sustained bull run.

儘管短期價格行動通常會產生不同的反應，但一些市場分析師認為，關鍵的長期指標可能會保持一致，以實現更大的進展。這些聲音之一是比特幣Maxi Robert Breedlove，他在X上分享了一系列有關指標的觀察，這些觀察可能指向持續的公牛跑步。

Miner Costs and Long-Term Holder Behavior Point to Market Strength

礦工成本和長期持有人行為指向市場實力

Citing analysis from Blockware, Breedlove pointed to the “industry average” miner cost of production — a model that aggregates various operational metrics such as electricity prices and hardware efficiency.

Breedlove引用了Blockware的分析，指出了“行業平均”礦工生產成本，該模型匯總了各種運營指標，例如電價和硬件效率。

According to this metric, Bitcoin has historically bottomed out when its market price approached or dipped below the average production cost. The model previously aligned with six significant market lows, and Breedlove notes it is flashing a bottom signal once again.

根據該指標，比特幣的市場價格接近或低於平均生產成本時，比特幣一直在觸底。該模型先前與六個重要的市場低點保持一致，而Breedlove指出，它再次閃爍著底部信號。

Image Credit: Blockware via X

圖片來源：通過x的塊軟件

In addition to mining economics, Breedlove referenced long-term holder supply data as another crucial input. This metric tracks the amount of Bitcoin that has remained unmoved on-chain for at least 155 days, a proxy for investor conviction and potential supply constraints.

除了採礦經濟學外，Breedlove還將長期持有人供應數據作為另一個關鍵投入。該指標跟踪了至少155天的鏈上鍊的比特幣數量，這是投資者定罪和潛在供應限制的代表。

Over the past 30 days alone, long-term holders have added approximately 150,000 BTC to their balances. Historically, such accumulation during periods of price consolidation or retracement has preceded upward price movements due to the resulting decrease in sell-side pressure.

僅在過去的30天中，長期持有人的餘額就增加了大約15萬BTC。從歷史上看，由於賣方壓力的減少，價格合併或回撤期間的這種積累在上漲之前已經上漲。

With Bitcoin trading between $80,000 and $100,000, Breedlove suggests that fewer holders appear willing to exit their positions, potentially reducing available supply at these levels.

由於比特幣的交易在80,000美元至100,000美元之間，Breedlove表明，更少的持有人似乎願意退出其頭寸，從而有可能在這些水平下降低可用的供應。

Rising Liquidity and Macro Trends Add Fuel to Bullish Outlook on Bitcoin

流動性和宏觀趨勢的上升增加了對比特幣的前景的燃料

Another major factor is global fiat liquidity, which Breedlove highlights as a key demand-side component in Bitcoin’s price dynamics. The analyst points to the role of increasing dollar and international currency liquidity, driven by expanding access to Bitcoin through financial instruments like exchange-traded funds (ETFs), public company treasury holdings, and convertible bond offerings.

另一個主要因素是全球菲亞特流動性，該流動性繁殖是比特幣價格動態中的關鍵需求方面組成部分。分析師指出，通過通過交易所交易基金（ETF），上市公司財政部和可兌換債券的金融工具擴大對比特幣的訪問驅動，增加了美元和國際貨幣流動性的作用。

He argues that greater access to capital and simplified exposure pathways have enhanced Bitcoin’s correlation with broader liquidity trends, increasing the likelihood of upward movement as fiat liquidity rises.

他認為，更大的獲取資本和簡化的接觸途徑增強了比特幣與更廣泛的流動性趨勢的相關性，隨著法定流動性的上升而增加了向上移動的可能性。

Breedlove concluded by reaffirming that Bitcoin’s fundamentals remain unchanged — fixed supply, 10-minute blocks, and predictable halving events — but external factors such as liquidity, regulation, and institutional adoption continue to influence its price action.

Breedlove重申，比特幣的基本面保持不變 - 固定供應，10分鐘的蓋帽和可預測的減半事件 - 但外部因素（例如流動性，監管和機構採用）繼續影響其價格行動。

Lastly, and most importantly, is USD liquidity. This effectively represents the “demand” side of the equation. More dollars in the system means more potential bidders.

最後，最重要的是美元流動性。這有效地代表了方程式的“需求”側。系統中更多的美元意味著更多的潛在競標者。

Bitcoin is highly correlated to fiat liquidity – and that’s becoming increasingly more of the case as ETFs, treasury holdings, and other capital-efficient modes of exposure are being rolled out. This reduces the supply of Bitcoin at a given price as fewer holders are willing to sell at lower prices.

比特幣與菲亞特流動性高度相關 - 隨著ETF，國庫券和其他資本效率的暴露方式正在推出，這越來越多。這可以以給定價格降低比特幣的供應，因為持有者願意以較低的價格出售。

— Robert ₿reedlove (@Breedlove22) May 1, 2025

- 羅伯特·雷德洛夫（@breedlove22）2025年5月1日

The post Bitcoin May Be Bottoming As Key On-Chain Indicators And Miner Costs Interlink appeared first on Benzinga.

比特幣後，可能是底部的關鍵鏈指標，礦工成本Interlink首先出現在Benzinga上。