比特幣（BTC）在周日飆升至107,000美元，然後迅速回溯

比特幣（BTC）在周日飆升至107,000美元，隨後迅速回顧，震撼投資者信心並引發整個市場的全新波動。

Bitcoin price is hanging onto a crucial support level as bulls try to defend the $100,000 zone. After a sharp pullback on Sunday, which saw BTC fail to break out cleanly and instead return to familiar price territory, investors are left juggling optimism and caution.

當公牛試圖捍衛100,000美元的區域時，比特幣價格正掛在關鍵的支持水平上。在周日的急劇下降之後，BTC無法乾淨利落，而回到熟悉的價格領域之後，投資者感到樂觀和謹慎。

As the market digests this latest chapter, on-chain data provides an important angle. According to CryptoQuant, Long-Term Holders (defined as wallets holding Bitcoin for 18 months to 3 years) have collectively decreased their supply by over 2 million BTC since November 2023. This massive distribution wave suggests long-term participants have been gradually taking profits throughout the year as prices climbed to new highs. While this doesn’t necessarily spell doom and could be related to a shift in investment strategy, it highlights the need for strong demand from new entrants, such as institutions, to absorb the selling pressure.

隨著市場消化這一最新章節，鏈上的數據提供了重要的角度。據隱性股權，自2023年11月以來，長期持有人（定義為持有比特幣的錢包持有18個月至3年）已將其供應量超過200萬BTC。這種龐大的分銷浪潮表明，隨著價格攀升，長期參與者在全年逐漸獲得利潤。儘管這不一定是厄運，並且可能與投資策略的轉變有關，但它強調了新進入者（例如機構）對吸收銷售壓力的強勁需求的需求。

With Bitcoin price now coiling above $100K with major resistance pending near ATH, the next decisive move could set the tone for Bitcoin’s trajectory heading into the summer.

隨著比特幣的價格現在盤旋在$ 10萬美元以上，在ATH附近取得了重大阻力，下一個決定性的舉動可能會為比特幣的軌跡前進到夏天。

Long-Term Holders Step Back As Bitcoin Fights For Momentum

長期持有人退後一步，比特幣爭取動力

Bitcoin is at a make-or-break level as bulls aim to defend the crucial $100,000 support zone. Following Sunday’s failed breakout at $107,000 and subsequent pullback into familiar territory, investors are left juggling optimism and caution.

比特幣處於製造或破產水平，因為公牛隊的目標是捍衛至關重要的100,000美元的支持區。在周日失敗的突破損失為107,000美元，隨後回溯到熟悉的領土後，投資者感到樂觀和謹慎。

Some analysts, like Point and Figure, see this as a normal consolidation before the next leg up, especially with the 200-day SMA at $92,994 and 200-day EMA at $88,664 still providing support. Others, like Cantering Clark, fear a deeper retracement may be unfolding if the $100K floor is lost.

一些分析師（例如Point and Digut）將其視為下一條腿之前的正常合併，尤其是200天的SMA為92,994美元，EMA為200天的EMA，仍為88,664美元，仍提供支持。其他人，例如捕食克拉克，擔心如果損失了10萬美元的地板，可能會進行更深入的回溯。

The market also faces clear resistance between $105K and the all-time high near $109K—a liquidity zone that could trigger aggressive buying if broken. However, the recent rejection suggests sellers still hold influence at higher levels, and we could see increased short-term volatility as the tug-of-war between bulls and bears intensifies.

該市場還面臨著明顯的抵抗力，在10.5萬美元之間，有史以來高達10.9萬美元，這是一個流動性區域，如果破損，可能會觸發積極的購買。但是，最近的拒絕表明，隨著公牛與熊之間的拔河加劇，賣家仍然在較高水平上具有更高的影響力，我們可以看到短期波動的增加。

Adding to this uncertainty is long-term holder behavior. Analyst Axel Adler has revealed that since November 2023, wallets holding BTC between 18 months and 3 years have offloaded over 2 million BTC—roughly $138 billion in value. This massive distribution wave likely fueled much of the recent rally, but it also raises concerns. Adler notes that this cohort still holds about 500,000 BTC that could be sold later this year, potentially adding pressure during moments of weakness.

增加這種不確定性是長期持有人的行為。分析師阿克塞爾·阿德勒（Axel Adler）透露，自2023年11月以來，持有BTC的錢包在18個月至3年之間的錢包已經卸載了超過200萬BTC，價值1380億美元。這一巨大的分配波可能助長了最近的大部分集會，但也引起了人們的關注。阿德勒（Adler）指出，該隊列仍然擁有約500,000 BTC，可以在今年晚些時候出售，並可能在弱點時增加壓力。

While institutional demand might help absorb some of this future supply, with the corporate sector showing renewed interest, the broader market should remain cautious. As price consolidates, investor sentiment hangs in the balance. Whether bulls reclaim higher levels or a deeper correction unfolds will depend on how Bitcoin responds to the current stress test at $100K.

儘管機構需求可能有助於吸收未來的一些供應，但公司部門表現出了新的利益，但更廣泛的市場應該保持謹慎。隨著價格合併，投資者情緒懸而未決。公牛是否收回較高的水平或更深層次的校正取決於比特幣對當前壓力測試的反應方式為10萬美元。

Price Action Details: Bulls Attempt To Reclaim Momentum

價格動作細節：公牛試圖恢復動力

Bitcoin is showing signs of renewed strength as it trades at $105,389, attempting to break above recent resistance near the $106K–$107K zone. This level has capped previous rallies, and reclaiming it would signal a bullish continuation toward all-time highs. The price has successfully defended the $100K psychological support, which now acts as a strong demand zone, reinforced by the 200-day SMA currently around $92,994 and the 200-day EMA near $88,664.

比特幣的跡象表現出了新的強度跡象，因為它的交易價格為105,389美元，試圖超越最近的抵抗力，接近106K $ 107K $ 107K的區域。這個水平限制了以前的集會，並收回它將表明看漲持續到歷史最高水平。該價格已成功地為10萬美元的心理支持辯護，該支持現在是一個強大的需求區，目前為200天的SMA加強了目前約92,994美元的SMA，而200天EMA接近88,664美元。

Volume appears to be tapering off slightly compared to the surge earlier this month, suggesting some hesitation among bulls. However, the structure remains intact: a strong breakout from April lows has created a steep and well-defined uptrend. The consolidation just below resistance could form a bullish flag if the $107K ceiling is broken with strong volume.

與本月早些時候的激增相比，數量似乎略有變化，這表明公牛之間有些猶豫。但是，該結構仍然完好無損：四月低點的強烈突破產生了陡峭且定義明確的上升趨勢。如果$ 107K的天花板損壞了，則在電阻下方的合併可能會形成一個看漲的旗幟。

A failed attempt to hold above $103,600 could invite another retest of the $100K support, where bulls must hold the line to prevent deeper retracements. On the upside, clearing $107K opens the path to $109K and into price discovery. This week’s close will be critical—a strong candle above $106K could set the tone for the next macro leg higher.

持有超過$ 103,600的失敗嘗試可能會邀請另一次重新測試10萬美元的支持，公牛必須持有這條線以防止更深的回購。從好的方面來說，清算$ 107K的道路通往$ 109K並進入價格發現。本週的結束將是至關重要的 - 高於$ 106K的強大蠟燭可以為下一個宏觀腿較高的蠟燭定下基調。