隨著市場結構的變化，比特幣（BTC）準備進入新的看漲階段

在本週飆升至97,000美元的水平之後，比特幣似乎正在進入新的看漲階段。

After surging into the $97,000 level this week, Bitcoin appears to be entering a fresh bullish phase.

在本週飆升至97,000美元的水平之後，比特幣似乎正在進入新的看漲階段。

Following weeks of heightened volatility and persistent selling pressure, the market is beginning to shift its tone. Bulls are gaining momentum, and the broader crypto space is showing signs of renewed confidence as price action heats up.

隨著幾週的波動和持續銷售壓力的增強，市場開始改變其語調。公牛正在勢頭勢頭，更廣泛的加密空間在價格動作加熱時表現出重新信心的跡象。

Top analyst Axel Adler shared key insights, revealing that the return of the YoY True MVRV (Market Value to Realized Value) to positive territory marks a significant milestone in this cycle.

頂級分析師阿克塞爾·阿德勒（Axel Adler）分享了關鍵的見解，表明，Yoy True MVRV（市場價值對已實現的價值）的回報標誌著這一周期中一個重要的里程碑。

This metric indicates that, on average, coins acquired over the past year are now held at a profit, with the current market price sitting above the average purchase price.

該指標表明，平均而言，過去一年中收購的硬幣現在以盈利為單位，當前的市場價格超過平均購買價格。

This shift reduces the pressure from panic sellers, many of whom were previously underwater and looking to exit. Now, with realized profits increasing, there is less urgency to sell, which in turn supports price stability and builds momentum. As a result, investor confidence is rising, and a healthier market structure is forming.

這種轉變減少了恐慌賣家的壓力，其中許多以前在水下並希望退出。現在，隨著實現利潤的增加，銷售的緊迫性較小，這反過來支持價格穩定並建立動力。結果，投資者的信心正在上升，並且正在形成更健康的市場結構。

If this trend continues, Bitcoin could be on the verge of a sustained move toward new all-time highs, signaling that the next leg of the bull market may have just begun.

如果這種趨勢持續下去，比特幣可能正處於朝著新的歷史最高點的持續發展，這表明牛市的下一個領域可能才剛剛開始。

Bitcoin Holds Firm As Market Shifts Into Recovery Phase

隨著市場轉移到恢復階段，比特幣持有公司

Bitcoin is currently facing a critical challenge as it struggles to reclaim the psychologically important $100,000 level. Over the past two weeks, bulls have successfully pushed the price above key resistance zones such as $90,000 and $96,000, signaling renewed strength.

比特幣目前正面臨著一個關鍵的挑戰，因為它難以收回心理上重要的$ 100,000水平。在過去的兩個星期中，公牛成功將價格推高了關鍵的阻力區，例如90,000美元和96,000美元，這發出了啟動的強度。

However, the momentum is being tempered by growing macroeconomic uncertainty, including persistent fears of a global recession and continued conflict between the US and China, two factors that heavily influence investor sentiment across all markets.

但是，宏觀經濟不確定性的日益嚴重，包括對全球衰退的持續擔憂以及美國與中國之間的持續衝突，這一勢頭正在緩解勢頭，這有兩個因素對所有市場的投資者情緒產生了嚴重影響。

Despite these concerns, Bitcoin’s on-chain metrics are flashing signs of a structural shift in market behavior. According to Axel Adler, the Year-over-Year True MVRV (Market Value to Realized Value) has returned to positive territory. This means that, on average, the current market price is now higher than the average price at which coins were acquired over the past year. As a result, most holders are in profit.

儘管有這些擔憂，比特幣的鍊鍊指標正在閃爍市場行為結構性轉變的跡象。根據阿克塞爾·阿德勒（Axel Adler）的說法，同比的真實MVRV（已實現價值的市場價值）返回了積極的領土。這意味著，現在平均而言，目前的市場價格高於過去一年中獲得的硬幣的平均價格。結果，大多數持有人都在獲利。

This change marks a crucial psychological turning point. The pressure from panic sellers is easing as fewer participants are motivated to lock in losses. Instead, we are seeing rising holder confidence and reduced sell-side activity. Adler notes that this transition often aligns with the start of a recovery phase and paves the way for more sustainable growth.

這種變化標誌著至關重要的心理轉折點。恐慌賣家的壓力正在緩解，因為較少的參與者被激勵陷入損失。取而代之的是，我們看到持有人的信心上升和賣方活動減少。阿德勒指出，這種過渡通常與恢復階段的開始相吻合，並為更可持續的增長鋪平了道路。

If this trend continues, the speculative premium will build gradually, setting the stage for a longer-term rally. In essence, the foundation for the next major move appears to be forming, and according to Adler, the most interesting part of this cycle may have just begun.

如果這種趨勢繼續下去，投機性溢價將逐漸建立，為長期集會奠定了基礎。從本質上講，下一步重大舉動的基礎似乎是在形成，根據阿德勒的說法，本週期中最有趣的部分可能才剛剛開始。

Technical Details: Price Holds Near $97K

技術詳細信息：價格售價接近$ 97K

Bitcoin is currently trading at $96,800 after briefly pushing above the $97,000 level earlier in the session. While bulls have maintained control throughout the past week, they’re now showing signs of exhaustion as demand appears to be stalling around current prices.

比特幣在會議較早的早些時候短暫地推高97,000美元之後，目前的交易價格為96,800美元。儘管在過去一周中，公牛隊一直保持控制，但由於需求似乎圍繞當前價格停滯不前，他們現在表現出疲憊的跡象。

Still, the price remains elevated, and momentum is building across the broader market as traders anticipate a potential breakout.

儘管如此，價格仍在上升，並且隨著交易者預期的潛在突破，勢頭仍在整個更廣闊的市場中發展。

To sustain the rally, BTC must hold above the $95,000 level, now acting as a key short-term support. A stable base here could provide the necessary fuel for a continued push toward the $100,000 psychological milestone, which would confirm a fresh bullish leg in this cycle.

為了維持集會，BTC必須保持高於$ 95,000的水平，現在是主要的短期支持。這裡的穩定基礎可以為繼續推動100,000美元的心理里程碑提供必要的燃料，這將在此週期中證實新鮮的看漲腿。

However, if Bitcoin fails to hold $95K, short-term sentiment could shift quickly. A break below this level may open the door to a deeper retrace, with the next major support lying in the $88K–$90K zone. Given the high level of macroeconomic uncertainty and mixed signals across global markets, traders are likely to remain cautious heading into the weekend.

但是，如果比特幣無法持有$ 95K，短期情緒可能會很快轉移。低於此水平的休息可能會打開更深層的回溯大門，下一個主要支持位於$ 88K - $ 90K的區域中。鑑於全球市場上宏觀經濟的不確定性和混合信號的高水平，交易者可能會謹慎到週末。

For now, the focus remains on whether bulls can build enough momentum to breach $97K again and make a convincing move toward uncharted territory.

就目前而言，重點仍然放在公牛是否能夠建立足夠的動力來再次突破97,000美元，並令人信服地朝著未知的領土邁進。