在短暫觸及多個月的高點之後

在4月下旬急劇垂直的舉動之後，儘管支持性宏觀和鍊鍊信號，但世界上最大的加密貨幣現在正固結在90,000美元以上，表現出疲憊。

Bitcoin (BTC) price struggled to extend its rally above $104,000 on Friday, as the world’s largest cryptocurrency showed signs of exhaustion after a sharp vertical move in late April.

比特幣（BTC）的價格在周五努力將其集會延長至104,000美元以上，因為全球最大的加密貨幣在4月下旬急劇垂直行動後表現出疲憊的跡象。

The cryptocurrency is now consolidating just above the $102,000 mark, with key technical levels and on-chain trends suggesting that the broader uptrend remains intact despite the minor setback.

現在，加密貨幣正固結在102,000美元以上，其關鍵技術水平和鏈趨勢表明，儘管遇到了少量的挫折，但更廣泛的上升趨勢仍然完好無損。

One factor that appears to have contributed to the recent cooling in Bitcoin price is selling pressure from miners. The Miners’ Position Index (MPI), an on-chain indicator that tracks miner outflows relative to their one-year average, spiked above 2.0 in early May.

似乎有助於比特幣價格冷卻的一個因素是礦工出售壓力。礦工的位置指數（MPI），這是一個鍊鍊指標，跟踪礦工相對於其一年平均水平的流出，5月初高於2.0。

Historically, MPI values above 2.0 have been associated with distribution events, and past instances of similar spikes in MPI coincided with local price pullbacks. For example, in late February and early March, large outflows from miners corresponded with a drop in Bitcoin price from the $84,000 to handle the $70,000 support.

從歷史上看，MPI值超過2.0與分銷事件有關，過去MPI中類似峰值的實例與當地價格下跌相吻合。例如，在2月下旬和3月初，礦工的大量流出與比特幣價格從84,000美元下降，以處理70,000美元的支持。

This renewed activity from miners suggests that operators may be securing some profits as Bitcoin hovers near cycle highs, which could be putting some pressure on bullish momentum.

礦工的這種新活動表明，隨著比特幣徘徊在循環高點附近，運營商可能會獲得一些利潤，這可能會對看漲的勢頭施加一定的壓力。

At the same time, macroeconomic conditions continue to improve, which could help sustain the crypto's rally. A trade agreement between the U.S. and China, announced on Friday, sparked a broad recovery across risk assets.

同時，宏觀經濟狀況繼續改善，這可以幫助維持加密貨幣的集會。週五宣布，美國與中國之間的貿易協定引發了風險資產的廣泛復甦。

The S&P 500 gained over 3% on the news, while major European and Asian equities also rose sharply. This easing of global trade tensions bodes well for institutional appetite for Bitcoin, which is evident in sustained ETF inflows and shrinking exchange reserves.

標準普爾500指數上漲了3％以上，而歐洲和亞洲主要股票也急劇上升。全球貿易緊張局勢的緩解非常適合比特幣的機構需求，這在持續的ETF流入和縮小的交換儲備中很明顯。

Despite the short-term pressure from miner selling and the technical resistance at $104,000, the broader trend for Bitcoin remains constructive. On-chain metrics such as realized price and long-term holder behavior suggest that the rally is being driven by structural demand, not speculative excess.

儘管礦工出售的短期壓力和104,000美元的技術抵抗力，但比特幣的更廣泛趨勢仍然建設性。諸如實現價格和長期持有人行為之類的鍊鍊指標表明，集會是由結構性需求而不是投機性過剩驅動的。

This stands in contrast to the crypto bull market of 2021, which was characterized by extreme levels of on-chain derivatives activity and leveraged products, setting the stage for a volatile and risky market.

這與2021年的加密牛市形成鮮明對比，該市場的特點是極端的鏈衍生物活動和槓桿產品，為易變和風險的市場奠定了基礎。