比特幣（BTC）在2025年5月14日的交易價格接近104,000美元，持有更高的價格水平

儘管最近的趨勢表明勢頭下降，但實現的價格回報仍會繼續顯示出強度。儘管現貨市場牢固地位於看漲的領土，但交易活動和收益數據表明，隨著參與者評估即將到來的市場狀況，可能會有一個過渡階段。

Bitcoin (BTC) traded comfortably above the $100,000 mark on May 14, sustaining higher price levels as on-chain metrics pointed to stable but moderating profitability. Realized price returns continue to show strength, although recent trends indicate a decline in momentum.

5月14日，比特幣（BTC）的交易舒適超過了100,000美元，其價格水平較高，因為鏈度指標指出的是穩定但可以調節盈利能力。儘管最近的趨勢表明勢頭下降，但實現的價格回報仍會繼續顯示出強度。

While the spot market remains firmly in bullish territory, trading activity and yield data suggest a possible transition phase as participants assess upcoming market conditions.

儘管現貨市場牢固地位於看漲的領土，但交易活動和收益數據表明，隨著參與者評估即將到來的市場狀況，可能會有一個過渡階段。

Bitcoin realized price trends higher

比特幣實現了更高的價格趨勢

Data from April 2022 to April 2025 reveals a gradual increase in Bitcoin's realized price, now standing around $45,100. This metric, which measures the average acquisition price of all circulating BTC, serves as an indicator of network-wide profitability.

從2022年4月到2025年4月的數據顯示，比特幣實現的價格逐漸上漲，現在約為45,100美元。該指標衡量了所有循環BTC的平均獲取價格，它是網絡範圍盈利能力的指標。

Bitcoin is trading close to $100K, with the realized price around $45K and still climbing. Daily RP yield ranges from 0.10% to 0.23% (roughly 36%–85% annualized), while the 30-day SMA sits at about 0.10% (around 35%–40% annualized). These positive yet moderate returns indicate…https://t.co/60J5u8Z88q

比特幣的交易接近$ 10萬美元，實現的價格約為45,000美元，仍在攀升。每日RP收益率從0.10％到0.23％（大約36％–85％），而30天SMA的收益率為約0.10％（年齡約為35％–40％）。這些積極而中等的回報表示…https：//t.co/60J5U8Z88Q

Periods of extended negative returns, as seen in mid-2022 and from late 2022 into early 2023, were marked by consolidation near the $20,000 range. The realized price stagnated during those phases, and investor sentiment was muted. That trend reversed in early 2024, when consistently positive returns supported a price surge past $70,000 and toward $90,000.

從2022年中期和2022年底到2023年初，延長的負回報期間，以合併為標誌著20,000美元的範圍。在這些階段中停滯不前的實現價格，投資者的情緒被靜音。這種趨勢在2024年初逆轉，當時持續的正回報支持價格上漲，超過70,000美元，至90,000美元。

The realized price serves as a key resistance level, and if it breaks, it could open the door for further bullish momentum. However, a failure to break through realized price usually leads to a stall in the market, as seen in mid-2022 and late 2022.

實現的價格是一個關鍵的阻力水平，如果破裂，它可能會為進一步看漲的動力打開大門。但是，未能突破實現的價格通常會導致市場上的攤位，如2022年中期和2022年底。

Price action shows strength despite volume decline

價格動作表現出強度，儘管數量下降

At the latest update, Bitcoin is priced at $104,081.73, reflecting a modest daily increase of 0.34%. The market capitalization has grown to $2.06 trillion, while Bitcoin's fully diluted valuation (FDV) is $2.18 trillion. Despite these figures the 24-hour trading volume decreased by 13.29% and the number now stands at $50.26 billion. The drop in volume can be indicative of trader caution, and particularly after hitting the psychological resistance close to $105,000.

在最新更新中，比特幣的價格為104,081.73美元，反映出每日不小的0.34％。市值已增長到20.6萬億美元，而比特幣的完全稀釋估值（FDV）為2.18萬億美元。儘管有這些數字，但24小時交易量下降了13.29％，現在數量為502.6億美元。體積的下降可以表明交易者的謹慎，尤其是在達到了接近105,000美元的心理阻力之後。

Intraday trading indicated the asset crossing over the $104,800 mark, followed by a minor correction at the opening of trading on 14th May 2022. In particular, the price dipped twice below $103,500 and rebounded immediately after. This pattern reflects the continuation of support from the dip buyers and evidence that short-term mood is upbeat.

日內交易表明，資產交易超過了104,800美元，隨後在2022年5月14日開業時進行了較小的更正。特別是，價格下跌了兩倍以下，低於$ 103,500，然後立即回彈。這種模式反映了傾銷買家的支持的延續，並證明短期情緒是樂觀的。

The total supply of Bitcoin is now at 19,860,000 BTC, while the hard cap of 21 million is still in force. A volume-to-market cap ratio of 2.44% indicates a moderate liquidity level over trading venues.

比特幣的總供應現在為19,860,000 BTC，而2100萬的硬上限仍然有效。 2.44％的銷量與市場上的上限比表示交易場所的流動性水平適中。

Diverging indicators point to a watchful market

分化指標指向警惕的市場

While Bitcoin's spot price is approaching all-time highs, a cooling of realized returns and volume implies a loss of momentum. Past patterns show that spurns between price and profitability measures have resulted in consolidation periods or corrections in the market.

儘管比特幣的現貨價格正接近歷史最高點，但對回報的冷卻和數量的冷卻意味著勢頭損失。過去的模式表明，價格和盈利能力措施之間的拒絕導致了市場的合併期或更正。

The 30-day SMA downward move in realized price yield is a warning sign for the market players. Although the overall direction is strong, the divergence between advancing spot prices and falling returns could indicate a revaluation period before macroeconomic numbers or profit taking at resistance levels.

實現的價格收益率為30天的SMA向下移動是市場參與者的警告信號。儘管總體方向很強，但提高現貨價格和下降回報之間的差異可能表明在宏觀經濟數字或以阻力水平的利潤之前進行了重估。