比特幣（BTC）連續第二天重新審視了$ 110,000的水平

比特幣（BTC）在周二連續第二天重新審視了110,000美元的水平，似乎更高的收益更高

Bitcoin (BTC) touched the $110,000 mark for the second consecutive day on Tuesday, fueled by even larger gains among various altcoins.

比特幣（BTC）在周二連續第二天觸及了110,000美元的成績，這是由於各種Altcoins之間的增長更大。

Despite this upward movement, a prevailing sense of caution and skepticism among traders suggests that the sustainability of this breakout remains in question.

儘管有這種向上的運動，但交易者中普遍的謹慎和懷疑的感覺表明，這種突破的可持續性仍然存在。

Bitcoin was trading just above $110,000 shortly after the close of U.S. stock markets on Tuesday, marking a gain of over 1% in the preceding 24 hours.

比特幣週二結束後不久，比特幣的交易剛剛超過110,000美元，標誌著前24小時的增長超過1％。

The broader cryptocurrency market, as measured by the CoinDesk 20 index—which tracks the top 20 cryptocurrencies by market capitalization (excluding stablecoins, exchange coins, and memecoins)—had risen by a more significant 3.3% over the same period.

通過Coindesk 20指數衡量的更廣泛的加密貨幣市場，該指數通過市值（不包括Stablecoins，Exchange Coins和Memecoins）追踪了前20個加密貨幣 - 在同一時期內較高的3.3％。

This broader rally was largely attributed to strong performances from major altcoins such as Ether (ETH), Solana (SOL), and Chainlink (LINK), all of which posted gains in the 5%-7% range.

這個更廣泛的集會在很大程度上歸因於主要山寨幣，例如Ether（Eth），Solana（Sol）和Chainlink（link），所有這些表現都在5％-7％的範圍內張貼。

The most impressive performances of the day, however, came from decentralized finance (DeFi) tokens Uniswap (UNI) and Aave (AAVE).

然而，當天最令人印象深刻的表演來自分散的金融（DEFI）令牌UNISWAP（UNI）和AAVE（AAVE）。

These tokens soared by a remarkable 24% and 13%, respectively.

這些令牌分別飆升了24％和13％。

This surge was reportedly prompted by optimistic comments regarding DeFi made by Securities and Exchange Commission (SEC) Chair Paul Atkins on Monday, which appeared to inject fresh enthusiasm into the DeFi sector.

據報導，這一激增是由周一證券交易委員會（SEC）主席保羅·阿特金斯（Paul Atkins）週一對Defi發表的樂觀評論引起的，這似乎是向Defi行業注入新的熱情。

In contrast, the traditional equity markets linked to cryptocurrency showed a more subdued picture, with most crypto stocks trading flat on the day.

相比之下，與加密貨幣相關的傳統股票市場顯示出更加柔和的圖片，當天大多數加密股票的交易均張開。

A notable exception was Semler Scientific (SMLR), a company aiming to emulate MicroStrategy’s (MSTR) strategy of accumulating significant Bitcoin holdings.

Semler Scientific（SMLR）是一個值得注意的例外，該公司旨在模仿MicroStrategy（MSTR）積累大量比特幣持有的策略。

Semler Scientific’s shares fell another 10% on Tuesday, with the stock now trading for less than the value of the Bitcoin on its balance sheet, highlighting the risks associated with such strategies.

Semler Scientific的股票在周二又下跌了10％，現在的股票交易量低於比特幣在資產負債表上的價值，強調了與此類策略相關的風險。

Defensive posturing despite proximity to highs

防禦性姿勢儘管靠近高點

Despite Bitcoin’s recent gains and its proximity to previous all-time highs, positioning across cryptocurrency markets continues to reflect a largely defensive and cautious sentiment among traders.

儘管比特幣最近的收益及其靠近以前的歷史最高點，但在加密貨幣市場之間的定位仍然反映出交易者的防禦性和謹慎感。

“Funding rates and other leverage proxies point toward a steadily cautious sentiment in the market,” Vetle Lunde, head of research at K33 Research, pointed out in a Tuesday report.

K33 Research的研究負責人Vetle Lunde在周二的報告中指出：“資金率和其他槓桿代理表明市場上的情緒穩定謹慎。”

“The broad risk appetite is remarkably weak, given that BTC is trading close to former all-time highs.”

“鑑於BTC的交易接近以前的歷史最高點，因此廣泛的風險食慾非常薄弱。”

This observation suggests that traders are not fully convinced of the rally’s strength and are hesitant to take on excessive risk.

該觀察結果表明，交易者並沒有完全相信集會的實力，並且不願承擔過度的風險。

Lunde further noted that Binance’s BTC perpetual swaps posted negative funding rates on multiple days last week, with the average annualized funding rate now sitting at just 1.3%.

倫德進一步指出，上週多天的BTC永久掉期交換率在幾天內發布了負資金率，現在平均每年籌資率為1.3％。

This level, he explained, is typically associated with local market bottoms rather than tops.

他解釋說，這個水平通常與本地市場底層而不是頂部有關。

“Bitcoin does not usually peak in environments with negative funding rates,” Lunde wrote, adding that past instances of such defensive positioning have more often preceded rallies than significant corrections.

倫德寫道：“比特幣通常不會在融資率負面的環境中達到頂峰。”他補充說，過去這種防禦定位的實例比重大校正更常見於集會。

Flows into leveraged Bitcoin ETFs paint a similar picture of cautious engagement.

流入槓桿比特幣ETF中，描繪了類似的謹慎參與圖。

The ProShares 2x Bitcoin ETF (BITX) currently holds exposure equivalent to 52,435 BTC, which is well below its December 2023 peak of 76,755 BTC.

Proshares 2X比特幣ETF（BITX）目前的接觸量相當於52,435 BTC，遠低於其2023年12月的76,755 BTC的峰值。

Inflows into such products remain muted.

流入此類產品的流入仍然存在。

According to Lunde, this defensive positioning, paradoxically, leaves room for a potential “healthy rally” in BTC to develop, as it suggests the market is not overly leveraged or euphoric.

根據倫德的說法，這種防禦性位置自相矛盾地為BTC帶來了潛在的“健康集會”的空間，因為這表明市場不會過於槓桿化或欣快。

Skepticism greets potential breakout

懷疑論打招呼潛在的突破

However, not all market watchers are convinced that the current price action signals the beginning of a sustainable upward trend.

但是，並非所有市場觀察家都堅信當前的價格行動標誌著可持續的上升趨勢的開始。

Some analysts remain skeptical about the durability of any breakout above the $110,000 level.

一些分析師對超過110,000美元的任何突破的耐用性仍然持懷疑態度。

“Is this a true breakout that will continue? In my view, probably not,” said Kirill Kretov, senior automation expert at CoinPanel.

Coinpanel高級自動化專家Kirill Kretov說：“這是一個真正的突破嗎？

More likely, it’s part of the same volatility cycle where we see a rally now, followed by a sharp drop triggered by a negative announcement or some other narrative shift.

更有可能是我們現在看到集會的同一波動率週期的一部分，其次是由負面公告或其他一些敘事轉變觸發的急劇下降。

According to Kretov, the current market environment favors experienced traders who are adept at navigating volatility-driven market structures.

根據克雷托夫（Kretov）的說法，當前的市場環境偏愛經驗豐富的交易者，他們擅長於波動率驅動的市場結構。

From a technical perspective, he identifies Bitcoin’s next key support levels at $105,000 and $100,000.

從技術角度來看，他確定比特幣的下一個主要支持水平為105,000美元和100,000美元。

These are zones that could be tested if selling pressure re-emerges and the current upward momentum falters.

如果銷售壓力重新出口和當前的向上動量造成銷售，則可以測試這些區域。

The market now watches to see if Bitcoin can consolidate its gains and build a stronger foundation for a continued ascent, or if skepticism will be validated by a retreat from current levels.

現在，市場正在觀察比特幣是否可以鞏固其收益並為繼續上升的基礎建立更強大的基礎，或者是否會通過當前水平的撤退來驗證懷疑論。