比特幣（BTC）價格達到了新的歷史最高高點111,970美元，回收到$ 110,700

比特幣達到了新的$ 111,970

Key takeaways:

關鍵要點：

Bitcoin (BTC) hit a new all-time high of $111,970 on May 22.

比特幣（BTC）在5月22日達到了111,970美元的新歷史最高點。

After a slight retracement, BTC is currently trading at $110,700.

經過略有回調後，BTC目前的交易價格為110,700美元。

Despite the new highs, analysts at CryptoQuant see mixed signals on market overheating in terms of funding rates and other metrics.

儘管有新的高點，但CryptoQuant的分析師仍會在資金率和其他指標方面過熱市場上的混合信號。

Bitcoin price rose to a new all-time high of $111,970 on May 22, but it pulled back to $110,700 at the time of writing.

5月22日，比特幣價格上漲至新歷史最高點111,970美元，但在撰寫本文時卻降至110,700美元。

After hitting a new all-time high, it is normal to see some retracement as traders take profit and adjust their positions. However, there are mixed signals on whether the price rally is overheated or whether this is a healthy pullback.

在達到新的歷史最高水平之後，通常會看到一些回溯，因為交易者賺錢並調整其頭寸。但是，關於價格集會是否過熱或這是健康的回調，有不同的信號。

Bitcoin is still not ‘overheated’ — analyst

比特幣仍然沒有“過熱” - 分析師

Bitcoin is not showing any signs of being overheated despite hitting new all-time highs this week, with several analysts pointing to fundamentals that suggest Bitcoin could rise further.

儘管本周達到了新的歷史新高，但比特幣並未顯示出任何過熱的跡象，其中幾位分析師指出基本面表明比特幣可能會進一步上升。

“Overheating indicators such as the funding rate and short-term capital inflow remain low compared to previous peaks, and profit-taking by short-term investors is limited,” said CryptoQuant analyst Crypto Dan in a May 22 Quicktake note.

CryptoQuant分析師Crypto Dan在5月22日的QuickTake Note中說：“與以前的高峰相比，籌資率和短期資本流入等過熱指標仍然很低，而短期投資者的利潤有限。”

Crypto Dan noted that Bitcoin’s funding rate, an indicator of market over-engagement, shows an increase in long bets. But these bets “remain much smaller compared to previous peaks,” suggesting “futures market overheating is negligible.”

加密丹（Crypto Dan）指出，比特幣的資金率是市場過度參與的指標，顯示出長期賭注的增加。但是，這些賭注“與以前的高峰相比，這些賭注要小得多”，這表明“期貨市場過熱是可以忽略的”。

A spike in Bitcoin funding rates can sometimes cause worry among market participants about increased Bitcoin volatility and liquidation risks.

比特幣融資率的高峰有時會導致市場參與者對比特幣波動增加和清算風險的增加。

Still, the funding rates are moderately positive, signaling that traders are optimistic about Bitcoin’s price and buyers are willing to pay sellers a fee to keep their positions.

儘管如此，資金率還是中等積極的，表明交易者對比特幣的價格樂觀，買家願意向賣方支付費用以保持其頭寸。

Meanwhile, the short-term holder (STH) Spent Output Profit Ratio (SOPR) metric reveals that despite STHs returning to profit, few have taken profits during the recent rise.

同時，短期持有人（STH）支出的產出利潤率（SOPR）指標表明，儘管STH恢復了利潤，但在最近的增長期間很少有利潤。

This indicator is currently valued at 1.02%, suggesting that STHs are realizing some profits at much lower rates.

該指標目前的價值為1.02％，表明STH以低得多的利潤意識到了一些利潤。

“In March 2024, there was significant profit-taking and a prolonged correction, but currently, profit-taking is much lower than in November 2024,” the analyst explained, adding that despite the price at all-time highs, whales’ profit-taking activity remains relatively subdued.

分析師解釋說：“在2024年3月，有大量的盈利和延長的更正，但目前的利潤比2024年11月要低得多。”

CryptoQuant’s Crypto Dan expected Bitcoin to continue rising higher, noting:

CryptoFant的加密貨幣丹預計比特幣將繼續上升，並指出：

“Considering the macroeconomic environment, there are no major concerns at present, and Bitcoin is not showing any signs of overheating.”

“考慮到宏觀經濟環境，目前尚無主要問題，比特幣沒有顯示出任何過熱的跡象。”

Bitcoin MVRV Z-score surges

比特幣MVRV z得分潮

Meanwhile, Bitcoin’s MVRV Z-score value — a metric that compares BTC’s market value to its realized value and adjusts for volatility — has seen a notable surge over the last month.

同時，比特幣的MVRV Z分數價值（將BTC的市場價值與其實現價值進行比較並調整波動性的指標 - 在上個月中有了顯著的激增。

Historically, all previous Bitcoin bull runs started with a notable surge in MVRV Z-score and ended with the metric entering the red zone to signal that Bitcoin is significantly overvalued.

從歷史上看，所有以前的比特幣公牛跑步都始於MVRV Z分數的顯著增長，並以指標進入紅色區域的指示表明比特幣被大大高估了。

At 2.8, the MVRV Z-score is still significantly below the red zone, suggesting that the market top is not yet in.

在2.8時，MVRV Z分數仍顯著低於紅色區域，這表明市場頂部尚未進入。

Bitcoin's RSI entering ‘exhaustion’

比特幣的RSI進入“疲憊”

Bitcoin's relative strength index, or RSI, displays overbought conditions in two out of five timeframes. Bitcoin’s RSI is now at 70 in the 12-hour timeframe and 75 on the daily chart. Other intervals show near-oversold RSI values on the weekly and four-hour timeframes.

比特幣的相對強度指數（RSI）在五個時期中的兩個時間範圍內顯示了過多的條件。比特幣的RSI現在在12小時的時間範圍內為70，在每日圖表中為75。其他間隔顯示每周和四個小時的時間範圍內的重疊式RSI值。

Data from TradingView shows BTC’s RSI at 75, 71, 68 and 66 on daily, 12-hour, weekly and four-hour timeframes, respectively.

TradingView的數據顯示，BTC的RSI分別為75、71、68和66，分別為每天，12小時，每周和四個小時的時間範圍。