比特幣（BTC）價格可能正在為拋售做準備

比特幣繼續成為大型資產中表現最好的人之一，過去一個月的價值攀升近25％。

Bitcoin continues to impress as one of the best performers among the large-cap assets, with its value climbing by nearly 25% in the past month. More outstandingly, the Bitcoin price has managed to stay above the six-figure valuation threshold despite the slow market conditions over the past week.

比特幣繼續成為大型資產中表現最好的人之一，過去一個月的價值攀升近25％。更遙不可及的是，儘管過去一周的市場狀況緩慢，但比特幣的價格仍然超過了六位數的估值門檻。

After a few weeks of strong bullish action, the flagship cryptocurrency seems to have settled within the $102,000 – $105,000 consolidation range. Despite market-wide shouts of reclaiming its all-time high, the Bitcoin price seems to be currently facing some degree of indecision amongst investors.

經過幾週的強烈看漲行動，旗艦加密貨幣似乎已經定居在102,000美元至105,000美元的合併範圍內。儘管在整個市場上恢復了其歷史最高水平，但比特幣價格目前似乎面臨著一定程度的投資者。

BTC Price Might Be Preparing For A Sell-Off

BTC價格可能正在準備拋售

In a May 16 post on the social media platform X, on-chain analytics firm Alphractal explained that the Bitcoin price is at a juncture, which could be critical to its future trajectory. This on-chain evaluation is based on the Long-Term Realized Cap Impulse, a metric that measures the growth rate of the realized capitalization of long-term holders.

在5月16日的社交媒體平台X上的一篇文章中，鏈上分析公司Alphractal解釋說，比特幣價格正處於關頭，這對於其未來的軌跡至關重要。這種鏈上的評估基於長期實現的CAP IMPULSE，該指標衡量了長期持有人已實現的資本化的增長率。

For clarity, a positive value for the Long-Term Realized Cap Impulse signals that long-term investors are purchasing more BTC at a higher value. This trend is typically indicative of a bullish period or the start of a bull market when long-term holders are in accumulation mode.

為了清楚起見，長期實現的CAP IMPULSE信號的積極價值表明，長期投資者正在以更高的價值購買更多的BTC。這種趨勢通常表示看漲時期或牛市的開始時，長期持有人處於積累模式。

On the other hand, when the Long-Term Realized Cap Impulse metric is negative, it implies that long-term holders are offloading their coins at prices lower than their cost bases. This is usually seen in late bull cycles and early bear markets, where long-term investors are distributing their assets.

另一方面，當長期實現的CAP IMPULSE指標為負時，這意味著長期持有人以低於成本基礎的價格將硬幣卸載。這通常在晚期的牛週期和早期熊市中可以看出，那裡的長期投資者正在分配其資產。

Furthermore, the Long-Term Realized Cap Impulse indicator offers insights into Bitcoin’s supply and demand dynamics, highlighting major support and resistance zones. As shown in the chart provided by Alphractal, the Bitcoin price is at a critical point marked by a horizontal line known as the indecision level.

此外，長期實現的CAP IMPULSE指標提供了對比特幣供求動態的見解，突出了主要的支撐和阻力區域。如Alphractal提供的圖表所示，比特幣價格在一個臨界點上，標有一條稱為猶豫不決水平的水平線。

The market intelligence firm noted that a breakout of the Long-Term Realized Cap Impulse metric from this level could prove pivotal to Bitcoin’s long-term health, signaling continued strong demand and potential price appreciation.

這家市場情報公司指出，從該水平的長期實現的CAP IMPULSE指標的突破可能證明對比特幣的長期健康關鍵，信號持續強勁的需求和潛在的價格升值。

However, Alphractal attached a historical relevance to this level, noting that the Long-Term Realized Cap Impulse metric was rejected at the indecision zone just before the COVID-19 dump in March 2020. If historical precedent is anything to go by, investors might want to watch out for any rejection around this level, which may trigger a significant sell-off.

但是，字母與該級別相關的歷史相關性，並指出，長期實現的上限脈衝脈衝指標在2020年3月在Covid-19垃圾場之前被拒絕，在2020年3月的猶豫不決區域被拒絕。如果要採取任何歷史先例，投資者可能希望注意此水平上的任何拒絕，這可能會引起重大的拋售。

Bitcoin Price At A Glance

比特幣價格一目了然