隨著短期持有人分發硬幣

輕微的回調被描述為堅實的校正，公牛尋求短期支持。即使有宏觀不確定性和美國國庫產量提高

Bitcoin recently set a new all-time high at about $112,000 before pulling back somewhat to about $107,000. This slight pullback is described by Alphractal Post as a solid correction, with bulls now looking for short-term support. Even with macro uncertainty and elevated U.S. Treasury yields, bullish sentiment throughout the crypto universe remains optimistic and resilient.

比特幣最近將歷史新高的新高點設定為約112,000美元，然後退回到約107,000美元。這種輕微的回調被字母郵政描述為堅實的校正，而公牛現在正在尋求短期支持。即使宏觀不確定性和美國國庫產量提高，整個加密貨幣宇宙中的看漲情緒仍然保持樂觀和韌性。

This analysis sheds light on how STH Realized Price has shifted during Bitcoin’s surge. At present levels, STHs are distributing coins more aggressively, especially compared to the period when prices were ranging between $60,000 and $80,000.

該分析闡明了STH在比特幣激增期間實現價格的變化。目前，STH對硬幣進行更積極的分配，尤其是與價格在60,000美元至80,000美元之間的時期相比。

Chart of STH Realized Price. Source: Alphractal Post

STH圖表實現了價格。資料來源：字母帖子

Historically, such increased distribution usually occurs during market peaks, as profit-taking slows down buying momentum. Therefore, this shift could be signaling that Bitcoin is entering the final stages of its current bull cycle.

從歷史上看，這種增加的分佈通常發生在市場峰值期間，因為獲利減慢了購買勢頭。因此，這種轉變可能表明比特幣正在進入其當前牛週期的最後階段。

Currently, STH Realized Price is at $94,500, which is a key level to watch. If this support breaks, then many short-term holders could be accumulating unrealized losses. In contrast, long-term holders appear more confident, with their Realized Price steadily rising to around $33,000. This difference highlights the contrasting strategies employed by long- and short-term market participants during volatile price movements.

目前，STH意識到價格為94,500美元，這是值得關注的關鍵水平。如果這種支持破裂，那麼許多短期持有人可能會積累未實現的損失。相比之下，長期持有人似乎更加自信，他們實現的價格穩步上漲至33,000美元。這種差異突出了長期和短期市場參與者在波動價格變動中採用的對比鮮明的策略。

Whenever STH Realized Price has previously risen above LTH Realized Price, a new bull market has emerged. This observation underscores the usefulness of blockchain analytics in identifying turning points at a macro level. However, a note of caution is warranted because certain on-chain metrics predict that a correction might appear only after October 2025, which would be a surprising development given the usual halving cycles.

每當STH意識到價格以前已經超過Lth實現的價格時，就會出現新的牛市。該觀察結果強調了區塊鏈分析在識別宏觀水平上的轉折點方面的有用性。但是，有必要注意的注意事項是有必要的，因為某些鏈上指標預測，只有在2025年10月之後才能進行更正，這是一個令人驚訝的發展，鑑於通常的減半週期。

Chart of LTH and STH Realized Price. Source: Alphractal Post

LTH和STH的圖表實現了價格。資料來源：字母帖子

Pruding this further, Daun mentions a critical divergence between Bitcoin and the rest of the altcoin market. While BTC has reached new highs, the TOTAL Altcoin Market Cap remains more than 30% lower than its peak in early 2021.

進一步闡述這一點，Daun提到了比特幣與Altcoin市場的其餘部分之間的嚴重差異。儘管BTC達到了新的高點，但總山幣市值仍比2021年初的峰值低30％以上。

This statistic showcases how overwhelmingly dominant Bitcoin has been during this cycle, regularly outperforming altcoins in terms of performance and momentum. Furthermore, on-chain data reveals that STHs and miners have been selling coins persistently during this rally.

該統計量展示了在這個週期中的絕大多數優勢比特幣，在性能和動力方面定期優於山寨幣。此外，鍊鍊數據表明，在此集會期間，STH和礦工一直在持續出售硬幣。

On the other hand, LTHs are accumulating coins at a good pace, which is usually observed during bull markets as institutions and firms prefer to hold onto their coins for the long term. This fact contributes to the narrative that this bull market is largely driven by institutional capital flowing into Bitcoin.

另一方面，lths以良好的速度積累了硬幣，通常在牛市中觀察到這是機構和公司更喜歡長期保留硬幣的。這一事實有助於敘述，即這個牛市主要是由流入比特幣的機構資本驅動的。

On the technical side, there is strong horizontal resistance on the TOTAL chart.

在技​​術方面，總圖表上具有強烈的水平電阻。

Chart of TOTAL Altcoin Market Cap. Source: Alphractal Post

總山幣市值的圖表。資料來源：字母帖子

Until this barrier is breached, altcoins can be expected to lag behind. Alternatively, relative strength in BTC can potentially last even longer, depending upon investor attention and capital being centered in BTC as the market leader, thereby holding back a general crypto market breakout.

在破壞此障礙之前，預計AltCoins會落後。另外，BTC中的相對力量可能會持續更長的時間，這取決於投資者的關注和資本以BTC為中心作為市場領導者，從而阻止了一般的加密貨幣市場突破。

Bitcoin Consolidates After Reaching $112,000 High

比特幣在達到112,000美元之後合併

This week's analysis from Bitcoinsbest begins with a chart displaying Bitcoin's breakout above the $109,000 level, which is now serving as support. Having recently hit a high of $112,000, BTC is currently consolidating at $107,500, forming a bullish retest of prior resistance.

本週來自比特幣的分析始於一張圖表，該圖表顯示了比特幣的突破高於$ 109,000的水平，現在可以作為支持。 BTC最近達到了112,000美元的高價，目前鞏固了107,500美元，構成了先前抵抗的看漲。

High trading volumes and the formation of bullish candle shapes are confirming the strength behind this breakout, indicating persistent upward pressure.

高貿易量和看漲蠟燭形狀的形成證實了這一突破背後的力量，表明持續的向上壓力。

BTC is also trading well above the 34-week EMA at $87,938, which reinforces a solid macro uptrend. All major moving averages - 50, 100, and 200 weeks - are trending upward, which supports the long-term bullish outlook.

BTC還以87,938美元的價格交易遠高於34週的EMA，這加強了可靠的宏觀上升趨勢。所有主要的移動平均值-50、100和200週 - 都在向上趨勢，這支持了長期看漲的前景。

Unless a drastic structural shift occurs, Bitcoin's technical and fundamental strength may continue guiding the broader market's direction.

除非發生急劇的結構變化，否則比特幣的技術和基本力量可能會繼續指導更廣泛的市場的方向。