比特幣（BTC）的價格約為103315美元，從本週早些時候的100000美元低於100000美元的短暫下跌。

據Microstrategy創始人邁克爾·賽勒（Michael Saylor）稱，該資產朝著15萬美元的努力下降，因為在最近的價格波動中，許多短期持有人都退出了。

Bitcoin (BTC) price is currently trading around $103,315, rebounding slightly from a brief dip below $100,000 earlier this week. As the asset stalls in its push toward $150,000, many short-term holders have exited during recent price swings, according to MicroStrategy founder Michael Saylor.

比特幣（BTC）的價格目前的交易價格約為103,315美元，本週早些時候的簡短下跌略低於100,000美元。據Microstrategy創始人邁克爾·賽勒（Michael Saylor）稱，隨著資產降低到150,000美元的推動，許多短期持有人在最近的價格波動中已退出。

Speaking on the Coin Stories podcast, Saylor described the current market action as a “rotation” — with short-term sellers stepping out and long-term ETF-backed buyers stepping in.

在在硬幣故事播客上發表講話時，塞勒將當前的市場行動描述為“輪換” - 短期賣家介入，並長期以來由ETF支持的買家介入。

Bitcoin Sell-Off Came From ‘Non-Economic’ Holders

比特幣拋售來自“非經濟”持有人

Bitcoin’s climb to a record high of $109,558 on Jan. 20 coincided with Donald Trump’s presidential inauguration. But the rally was short-lived. Prices dropped to $76,273 by Apr. 9 before reclaiming the $100,000 level in early May.

1月20日，比特幣的攀登達到了109,558美元的創紀錄，唐納德·特朗普（Donald Trump）的總統就職典禮。但是集會是短暫的。到4月9日，價格下跌至76,273美元，然後在5月初收回了100,000美元的水平。

Saylor said that much of the recent selling pressure stemmed from investors without a “10-year mindset,” adding,

塞勒說，最近的許多銷售壓力源於投資者，沒有“十年的心態”，並補充說

“A lot of Bitcoin, for whatever reason, was left in the hands of governments, lawyers, and bankruptcy trustees.”

“無論出於何種原因，許多比特幣都留在政府，律師和破產受託人的手中。”

Many of these entities sold as BTC price rallied, viewing the recovery as a “good exit point to get liquidity,” he added.

他補充說，隨著BTC價格集會而出售的許多實體將復蘇視為“獲得流動性的良好出口點”。

That activity, Saylor believes, temporarily capped upside momentum. “People less committed to the long term have taken the opportunity to exit,” he said.

塞勒認為，這項活動暫時限制了上升勢頭。他說：“長期致力於長期承諾的人已經藉此機會退出。”

New Class of Investors Enters Amid ETF Demand

新的投資者進入ETF需求

Despite short-term exits, Saylor said a “new cohort of investors” is entering through exchange-traded funds and corporate treasuries. That trend aligns with ETF flow data.

儘管短期退出，但塞勒說，“新的投資者”正在通過交易所交易的資金和公司國庫進入。這種趨勢與ETF流數據保持一致。

Spot Bitcoin ETFs posted $564.7 million in inflows over the past five trading days, according to Farside data. Saylor’s firm, MicroStrategy, now holds 555,450 BTC, worth roughly $57.23 billion — 50.27% above its average purchase price of $68,569, per Saylor Tracker.

根據Farside數據，現貨比特幣ETF在過去五個交易日內出現了5.647億美元的流入。 Saylor的公司MicroStrategy現在持有555,450 BTC，價值約572.3億美元，高於其平均購買價格為68,569美元，每個Saylor Tracker。

Trump’s March 7 executive order to establish a Strategic Bitcoin Reserve signaled a possible institutional policy shift. While Saylor said he was not surprised the government has yet to buy Bitcoin directly, he did express surprise at how quickly sentiment flipped.

特朗普3月7日的行政命令建立戰略性比特幣儲備表明可能發生了機構政策的轉變。塞勒說，他對政府尚未直接購買比特幣並不感到驚訝，但他確實對情緒迅速倒閉感到驚訝。

“I was surprised that the U.S. embraced Bitcoin as radically as it has,” Saylor said. He noted increased enthusiasm among Trump’s cabinet members.

塞勒說：“令我驚訝的是，美國對比特幣的群體始終如一。”他指出，特朗普內閣成員的熱情增加了。

Technical Pattern Points to $106K for BTC Price Before Larger Move Toward $132K

技術模式指向BTC價格的$ 106K，然後更大的速度向132K美元

Bitcoin (BTC) price is currently forming an ABCD harmonic pattern on the daily chart. This setup projects a potential breakout toward $106,562—the next area of resistance. A move beyond that level could extend to $132,580 based on harmonic projections.

比特幣（BTC）價格當前在每日圖表上形成ABCD諧波模式。該設置將可能突破106,562美元，這是下一個阻力區域。根據諧波預測，超出該水平的轉變可能會延長至132,580美元。

Bitcoin's daily Relative Strength Index (RSI) stood at 75.23 on May 10, suggesting slightly overbought conditions. Still, bulls appear to maintain control, and the broader sentiment remains constructive as ETF inflows continue.

比特幣的每日相對強度指數（RSI）在5月10日為75.23，表明條件略有過多。儘管如此，公牛似乎仍保持控制，並且隨著ETF流入的繼續，更廣泛的情緒仍然具有建設性。

The harmonic structure suggests that if BTC price holds above the $100,000 mark and builds momentum, a retest of $132K could follow. This would mark a 28% rally from current levels and would likely bring Bitcoin closer to Saylor's Long-Standing $150K projection.

諧波結構表明，如果BTC價格的價格超過100,000美元並建立動力，則可以隨後進行13.2萬美元的重新測試。這將標誌著當前水平的28％集會，可能會使比特幣更接近Saylor長期以來的15萬美元預測。

Rotation Could Build Foundation for Bitcoin's Next Leg Higher

旋轉可能為比特幣的下一個腿建立基礎

While many traders are eyeing $106K as the next technical target, Saylor's focus remains on the bigger picture. He views the current environment as a foundational reset—one that clears out weak hands and brings in institutional capital with longer time horizons.

儘管許多交易者將10.6萬美元作為下一個技術目標，但Saylor的重點仍然放在更大的情況下。他將當前的環境視為基礎重置，它可以清除弱的手並在更長的時間內帶來機構資本。

"The rotation is real…You’ve got governments and trustees exiting. Meanwhile, ETFs and treasuries are absorbing supply."

“輪換是真實的……您已經有政府和受託人退出。與此同時，ETF和國庫正在吸收供應。”

With ETF participation increasing, a new type of buyer is entering the market—one with fewer incentives to flip short-term profits. If that trend continues, Bitcoin (BTC) price may gain the base it needs to move toward $150,000.

隨著ETF參與的增加，一種新型的買家進入了市場，一個新的買家卻少了傾向於短期利潤的激勵措施。如果這種趨勢持續下去，比特幣（BTC）的價格可能會獲得其朝15萬美元的基礎。

Whether the next breakout occurs this quarter or later in the year, traders appear to be aligning around the same key levels: $106K, then $132K—and potentially $150K, if Saylor's rotation thesis plays out.

無論下一個突破是在本季度或今年晚些時候發生的，交易者似乎都在相同的關鍵水平上保持一致：10.6k美元，然後是13.2萬美元，如果索勒的輪換論文的話，則可能是15萬美元。