比特幣（BTC）的價格行動表明，美國貿易商的機構貿易商帶領了這一新歷史最高的高度

比特幣（BTC）週日晚些時候享受每週的波動性，上升到約107,000美元，然後果斷地降至102,000美元。

Bitcoin (BTC) enjoyed its weekly dose of volatility late Sunday, rising to around $107,000, before decisively plunging back to $102,000.

比特幣（BTC）週日晚些時候享受每週的波動性，上升到約107,000美元，然後果斷地降至102,000美元。

The crypto market typically experiences a bump in volatility at this time on Sunday as it coincides with the opening of the CME futures market, which takes a few moments to recalibrate to the lower liquidity 24/7 crypto markets.

加密貨幣市場通常在周日的這個時候發生波動性，因為它與CME期貨市場的開放相吻合，這需要花費一些時間才能重新校準低於流動性24/7加密市場。

This weekend was slightly different. Whilst on the surface the price action will go down as a bearish rejection from a key level of resistance, which bitcoin has now failed to break at three attempts. BTC actually spiked first on the CME, indicating that the price action was led by institutional U.S. traders as opposed to retail crypto traders.

這個週末略有不同。儘管在表面上，價格動作將是從關鍵阻力中的看跌拒絕，而比特幣現在未能在三次嘗試中破裂。 BTC實際上首先在CME上飆升，表明價格行動是由美國貿易商而非零售加密貨幣交易者領導的。

Over the past few months the CME has often opened lower than it closed on the Friday, creating a “gap” on the chart, which did not occur this week. As price whiplashed around this $5,000 range, the move wiped out liquidity on both sides, creating a rather crucial inflection point.

在過去的幾個月中，CME的開放通常比周五關閉的要低，在圖表上造成了“差距”，這本週沒有發生。隨著價格在這個5,000美元之間的範圍左右，這一舉動在雙方都消除了流動性，從而創造了一個相當關鍵的拐點。

Now, market depth all the way up to $110,000 is minimal compared to limit orders lining the book down to $100,000. This means that any upside thrust will likely take this level out and see bitcoin trade at a new record high.

現在，市場深度一直高達110,000美元，而限制了這本書的訂單至100,000美元。這意味著任何上升推力都可能會將這一水平提高，並以新的紀錄高度查看比特幣交易。

However, it’s worth considering the other side of the coin. It is also conceivable that the Sunday evening price action was a typical stop-loss hunt, which involves traders targeting a zone where those in short positions would want to exit, thus creating an impulse in buy pressure as short traders scurry to buy back their position.

但是，值得考慮硬幣的另一側。還可以想像的是，週日晚上的價格行動是典型的停止損失狩獵，涉及針對一個較短位置的區域的交易者，從而在買入壓力時產生了衝動，因為短交易者急於回購自己的位置。

This strategy often takes place alongside entry into a larger short position. For example, if a trader wants to short BTC with a risk tolerance of 4%, it would be advantageous to open that position at $107,000 with a stop loss at $111,280 as opposed at $105,000 with a stop at $109,200. Astute traders can secure that entry by assessing levels of liquidity and squeezing short positions into closing, which temporarily lifts price to an ideal entry.

這種策略通常是在進入更大的短位置的同時進行的。例如，如果交易者想以4％的風險承受能力縮短BTC，則以107,000美元的價格開放該職位，停止損失為111,280美元，而售價為105,000美元，而停止的價格為109,200美元。敏銳的交易者可以通過評估流動性水平並將短期職位擠進結局來確保該條目，從而暫時將價格提升為理想的入境。

Either way, with liquidity now relatively low around record highs, bitcoin is one news catalyst away from that awaited upside thrust, and these potentially fresh short positions at $107,000 could provide the ammunition to that eventual break out.

無論哪種方式，由於現在的流動性在創紀錄的高點附近相對較低，比特幣是一個新聞催化劑，遠離等待的上升推力，這些潛在的新鮮職位為107,000美元，可以為這種最終爆發提供彈藥。