儘管有1.7億美元的清算

比特幣（BTC）的價格在5月19日的102,000美元支持水平上顯示了實力，此前有1.7億美元的槓桿頭寸清算。

Bitcoin (BTC) price managed to keep its upward momentum despite $170 million in crypto liquidations and some bad news for MicroStrategy (MSTR) shares.

儘管有1.7億美元的加密貨幣清算和微型股票（MSTR）股票的一些壞消息，但比特幣（BTC）的價格仍然保持了上升勢頭。

The world’s largest cryptocurrency hit the $102,000 support level on May 19 after a triple whammy of macroeconomic risks, and an abrupt $5,000 correction from $107,090 may have been unexpected.

在宏觀經濟風險三重後，全球最大的加密貨幣在5月19日達到了102,000美元的支持水平，從107,090美元開始，突然進行5,000美元的更正可能是出乎意料的。

However, it does not necessarily diminish the chances of seeing new all-time highs in the near term, especially since Bitcoin derivatives metrics have shown resilience throughout the recent price swings.

但是，它不一定會減少在短期內看到新的歷史最高高點的機會，尤其是因為比特幣衍生品指標在最近的價格波動中顯示出彈性。

What happened: Bitcoin’s annualized one-month futures premium remained elevated at around 6%, and it is currently at a neutral level of 5% to 10%, which has been the case for about a week now.

發生的事情：比特幣的年度化一個月期貨保費仍高於6％左右，目前的中性水平為5％至10％，現在已經大約一周了。

At first glance, one might say that there is a lack of optimism, but on the other hand, it shows that the buying pressure is coming more from the spot market.

乍一看，人們可能會說缺乏樂觀情緒，但另一方面，它表明購買壓力來自現貨市場。

Some analysts are attributing Bitcoin’s correction to comments by Japan’s Minister Shigeru Ishiba on the country’s fiscal situation being “undoubtedly extremely poor,” as per Bloomberg.

一些分析師將比特幣的更正歸因於日本部長Shigeru Ishiba關於該國財政局勢的評論，“毫無疑問是非常貧窮”，如彭博社所說的那樣。

Yields on Japan’s long-term government bonds soared to their highest level in May 19 as traders demanded higher returns, signaling a lack of trust. Japan is the largest holder of U.S. Treasury bonds, so investors are worried about spillover risks at a delicate moment for the global economy.

由於交易者要求更高的回報，日本的長期政府債券的收益率飆升至5月19日的最高水平，這表明缺乏信任。日本是美國財政債券中最大的持有人，因此投資者擔心全球經濟的微妙時刻溢出風險。

This is especially pertinent as the ongoing trade war has severely limited the outlook for global growth, and it is pushing the world’s major economies into a technical recession.

這尤其相關，因為持續的貿易戰嚴重限制了全球增長的前景，並且正在推動世界主要經濟體進入技術衰退。

Another factor that could be limiting Bitcoin’s upside is a report by Moody’s rating agency cutting the U.S. government’s long-term credit rating to A1 from AAA.

可能限制比特幣的上升空間的另一個因素是，穆迪評級機構將美國政府的長期信用評級降低至AAA的A1。

This is the first time since 1990 that the agency has downgraded the U.S. sovereign rating, and it is likely to have a significant impact on market sentiment.

自1990年以來，該機構首次將美國主權評級降低，這可能會對市場情緒產生重大影響。

It is also worth noting that Bitcoin’s correlation with the S&P 500 index has stayed above 80% since early May, which means that any bad news for the U.S. stock market could quickly spillover into the crypto sphere.

還值得注意的是，自5月初以來，比特幣與標準普爾500指數的相關性一直保持在80％以上，這意味著美國股票市場的任何壞消息都可以迅速溢出到加密貨幣領域。

The impact of tariffs is still expected to be partially visible in second-quarter earnings reports, which could further dampen investor sentiment.

在第二季度收益報告中，預計關稅的影響仍會部分可見，這可能會進一步削弱投資者的情緒。

To assess whether Bitcoin has what it takes to reach a new all-time high in the near term, it is crucial to analyze the demand for stablecoins in China.

為了評估比特幣在短期內是否需要達到新的歷史最高水平，分析中國穩定菌的需求至關重要。

Periods of excessive optimism usually lead to stablecoins trading above fair value, which is not a healthy indicator, especially as Bitcoin is now above $105,000. However, USD Tether (USDT) has been trading at a slight 0.4% discount in China.

過度樂觀的時期通常會導致穩定的交易高於公允價值，這不是一個健康的指標，尤其是因為比特幣現在超過105,000美元。但是，在中國，美元繩索（USDT）的交易價格略有0.4％。

This signals that Bitcoin’s recent price increase is not being driven by FOMO (fear of missing out) from retail traders in the world’s largest cryptocurrency market.

這表明比特幣最近的價格上漲並不是由世界上最大的加密貨幣市場零售商人的FOMO（擔心失踪）驅動。

Moreover, the lack of excessive leverage on Bitcoin futures and the limited use of futures leverage suggest that the current rally is sustainable.

此外，缺乏對比特幣期貨的過多槓桿作用以及未來槓桿的使用有限表明目前的集會是可持續的。

What else happened: Bitcoin’s price showed strength despite a class-action lawsuit being filed against MicroStrategy (NASDAQ:MSTR) executives for allegedly making “false and/or misleading statements.”

發生了什麼事：儘管對MicroStrategy（NASDAQ：MSTR）高管提起集體訴訟，但比特幣的價格表現出了實力。

The plaintiffs claim that Strategy executives failed to fully disclose the risks associated with Bitcoin’s investment and that they misled investors about the company’s financial condition.

原告聲稱，戰略高管未能完全披露與比特幣投資相關的風險，並且他們誤導了投資者對公司的財務狀況。

The complaint mentions unrealized losses on Bitcoin, although these events do not affect a company’s cash flow.

投訴提到了對比特幣的未實現損失，儘管這些事件不會影響公司的現金流。

It is unclear whether this case has foundation, but usually, negative headlines have a much stronger and longer price impact in neutral to bearish markets. However, MSTR shares were up 2.4% on May 19.

目前尚不清楚此案是否具有基礎，但通常，負面的頭條新聞對中性市場的價格影響更高，價格更長。但是，MST的股票在5月19日上漲了2.4％。

The fact that the $102,000 support held amid increased global economic uncertainty, strong spot buying and resilient derivatives metrics provides every indication that Bitcoin is well-positioned for further price gains from here.

在全球經濟不確定性，強勁的購買和彈性衍生品指標中，$ 102,000的支持持有的102,000美元支持提供了所有跡象，表明比特幣位於此處，從這裡獲得了進一步的價格上漲。