比特幣（BTC）的價格飆升至新歷史最高高點接近$ 109,500

比特幣（BTC）的價格飆升至本週的新歷史高度接近109,500美元，這是在ETF流入，改善監管情緒和新機構需求的推動下。此舉標誌著每日3％的收益急劇，將年度逐年收益提高到16％以上。

Bitcoin (BTC) price surged to a new all-time high of $109,500 on Thursday, fueled by new data that showed the token’s realized price fell below its spot value.

比特幣（BTC）的價格飆升至週四的新歷史最高點109,500美元，這是新數據的推動力，顯示令牌的實現價格低於其現貨價值。

Bitcoin price analysis: BTC drops below $107,000 as profit-takers emerge

比特幣價格分析：隨著獲利者的出現，BTC跌至107,000美元以下

Bitcoin price is now trading in a crucial decision zone after a sharp drop from the new all-time high. The price action also saw a strong build-up in volume, which could be a sign of a local top.

比特幣價格從新的歷史最高水平急劇下降後，現在在關鍵決策區進行了交易。價格動作也有很強的數量積累，這可能是當地頂部的標誌。

After a strong close above $107,000, the immediate resistance is at $113,450. The price level saw several attempts by Bitcoin to pierce through it over the past three sessions, with the cryptocurrency failing to close above it. The lack of follow-through above this resistance could be due to sellers, likely early ETF entrants and profit-taking whales.

在超過107,000美元以上的穩定關閉之後，即時阻力為113,450美元。價格水平看到了比特幣在過去三個會議上進行了幾次嘗試，而加密貨幣未能在其上方關閉。超出這種抵抗力的後續行動可能是由於賣方，可能是早期的ETF參賽者和獲利鯨魚所致。

Volume data shows high activity during the breakout and subsequent pullbacks, confirming the breakout strength and the distribution pressure. While this volume does not yet indicate capitulation, it does suggest a possible local top forming unless bulls can claim and hold above $113,459. Flipping it would give BTC price a chance to target the resistance at $121,700, close to the 0.786 Fib level.

音量數據顯示在突破和隨後的回調期間的活動較高，從而確認了突破強度和分佈壓力。儘管該卷尚未表明投降，但它確實表明可能是當地的最高成型，除非公牛可以要求並持有以上$ 113,459。翻轉它將使BTC價格有機會以121,700美元的價格將電阻定位，接近0.786的FIB水平。

On the downside, the $101,900 level remains the next strong support. It acted as resistance during the early May push and has since flipped into a critical zone of interest. A close below this mark could trigger a deeper retracement, targeting the $94,700 support, also aligned with the 0.236 retracement.

不利的一面是，$ 101,900的水平仍然是下一個強大的支持。它在5月初的推動下充當阻力，此後已轉變為關鍵的感興趣區域。該標記下方的近距離可能會觸發更深層次的回溯，該反曲針對$ 94,700的支撐，也與0.236的回撤保持一致。

The daily RSI remains in overbought territory, ranging above 72. This level usually signals exhaustion, especially when combined with stalled momentum near resistance.

每日RSI仍處於超購買領土上，範圍以上72。這個水平通常會疲憊，尤其是在阻力附近停滯不前的動量時。

Unless bulls manage to close above $107,000, the current setup may be evolving into a broader consolidation. For now, the market stands at a key inflection point between trend continuation and local correction.

除非公牛設法超過107,000美元，否則當前的設置可能會變成更廣泛的合併。目前，市場位於趨勢延續和局部校正之間的關鍵拐點。

Bitcoin realized cap nears $1 trillion as on-chain data shows new trends

由於鏈數據顯示了新趨勢，比特幣實現了上限接近1萬億美元

Bitcoin’s new all-time high also coincides with one of the most significant on-chain shifts in its history—its Realized Cap is now closing in on the $1 trillion mark. According to Glassnode, it took just two years to move from $1 million to $1 billion in Realized Cap between 2011 and 2013, but nearly six years to climb from $100 billion to $1 billion.

比特幣的新歷史最高水平也與其歷史上最重要的鏈上轉變之一相吻合 - 它已經意識到的CAP現在正在以1萬億美元的成績結束。根據GlassNode的數據，在2011年至2013年期間，只有兩年的時間從​​100萬美元轉移到10億美元，但將近六年的時間從​​1000億美元攀升至10億美元。

This deceleration is part of Bitcoin’s evolution from a speculative asset into a capital-heavy, institutionally anchored network.

這種減速是比特幣從投機資產發展為資本較重的機構錨固網絡的一部分。

The MVRV ratio—used to assess unrealized profit—has risen sharply since the $74,000 local low. Glassnode shared in an X post that aggregate MVRV has climbed from 1.74 to 2.33, while short-term holders flipped from a -18% loss (0.82) to a +13% gain (1.13). Long-term holders also saw their MVRV increase from 2.91 to 3.30.

自從74,000美元的當地低點以來，MVRV比率（用於評估未實現的利潤）急劇上升。 GlassNode在X帖子中共享，該X柱匯總MVRV已從1.74升至2.33，而短期持有人則從-18％的損失（0.82）升至 +13％的增益（1.13）。長期持有人還看到他們的MVRV從2.91增加到3.30。

The rise in unrealized profit has boosted investor confidence while limiting sell pressure, reinforcing the sustainability of Bitcoin’s uptrend.

未實現的利潤的上升增強了投資者的信心，同時限制了銷售壓力，從而增強了比特幣上升趨勢的可持續性。

However, the capital fueling this move is more selective than previous cycles. CoinShares data shows that digital asset fund inflows declined for the third consecutive week, but Bitcoin retained the lion’s share. This divergence confirms that institutional capital isn’t leaving—it’s concentrating. BTC remains the only asset consistently attracting fresh inflows, while altcoins are losing favor in the face of uncertain macro conditions.

但是，與以前的周期相比，這一舉動的資本更具選擇性。 CoinShares數據顯示，數字資產基金的流入連續第三週下降，但比特幣保留了大獅的份額。這種差異證實，機構資本沒有離開，這是集中精力的。 BTC仍然是唯一吸引新鮮流入的資產，而面對不確定的宏觀條件，Altcoins失去了青睞。

Together, the data shows a maturing asset. No longer driven by hype cycles or shallow retail demand, Bitcoin’s rise is founded on patient capital, real conviction, and long-term holder dominance.

在一起，數據顯示了一個成熟的資產。比特幣的上升不再受到炒作週期或淺零售需求的驅動，建立在患者資本，真實的信念和長期持有人的主導地位上。