比特幣（BTC）一直在其歷史最高的高處交易，刷牙接近109,000美元

比特幣（BTC）的交易量接近其歷史最高的，刷牙接近109,000美元。但是當價格上漲

Bitcoin (BTC) has been trading close to its all-time high, brushing near the $109,000 level. But while prices rise, the group that usually drives sell-offs—long-term holders—is not moving their coins. Instead of cashing out, these investors are still holding on, showing strong belief in more gains ahead.

比特幣（BTC）的交易量接近其歷史最高的，刷牙接近109,000美元。但是，儘管價格上漲，但通常會驅動拋售的集團（長期持有人）並沒有移動硬幣。這些投資者並沒有兌現，而是仍在堅持下，表現出對未來更多收益的強烈信念。

A CryptoQuant Quicktake post by ShayanMarkets points out that those holding Bitcoin for more than 150 days are not rushing to take profits. Historically, when the cryptocurrency nears previous highs, many long-time investors usually sell a portion of their assets. That behavior has not shown up this time.

Shayanmarkets的一個隱秘的QuickTake帖子指出，那些持有比特幣超過150天的人並沒有急於獲利。從歷史上看，當加密貨幣接近以前的高點時，許多長期投資者通常會出售其部分資產。這種行為尚未出現。

The long-term holder Spent Output Profit Ratio, or SOPR, has been declining. This signals that even as the price pushes upward, these investors are not realizing profits. The data points toward further accumulation rather than selling, which often reflects trust in more upside.

長期持有人支出的產出利率（SOPR）一直在下降。這表明即使價格上漲，這些投資者也沒有意識到利潤。數據指向進一步的積累而不是銷售，這通常反映出更多的信任。

Bitcoin's recent movement is being shaped more by short-term holders and retail traders. These types of investors often respond quickly to price shifts, both up and down. Unlike long-term holders, their activity can lead to fast changes in momentum.

比特幣最近的運動正在由短期持有人和零售商人塑造。這些類型的投資者通常會對價格上漲迅速做出反應。與長期持有人不同，他們的活動可能會導致動量快速變化。

When Bitcoin holds near ATH levels, it usually leads to larger profit-taking. That hasn't happened so far. "This decline suggests that long-term holders have not yet engaged in notable profit-taking," ShayanMarkets explains. "Rather, they anticipate higher prices in the short term."

當比特幣保持在ATH水平附近時，通常會導致更大的利潤。到目前為止還沒有發生。 Shayanmarkets解釋說：“這種下降表明，長期持有人尚未從事明顯的利潤。” “相反，他們預計短期內價格會更高。”

Meanwhile, a sharp drop in the amount of Bitcoin stored on exchanges further confirms that many investors are holding rather than preparing to sell. As of May 15, the total amount of BTC on exchanges fell to 2.44 million coins. Over the last month, more than 110,000 BTC have been withdrawn. Exchange balances are now at their lowest point in six years.

同時，交易所中存儲的比特幣數量的急劇下降進一步證實，許多投資者在持有而不是準備出售。截至5月15日，交易所中的BTC總額降至244萬個硬幣。在過去的一個月中，已撤回了110,000多個BTC。交換餘額現在是六年來其最低點。

Investors often move coins off exchanges when they don't plan to sell soon. That signals confidence that prices may rise further. Holding coins in self-custody wallets suggests fewer sellers in the short term, which tightens supply and can push prices up if demand stays strong.

當投資者不打算盡快銷售時，經常將硬幣轉移到交流中。這表明價格可能會進一步上漲。在自我顧客錢包中握住硬幣的表明，短期內賣方更少，這會收緊供應，如果需求保持強勁，可以提高價格。

Support for Bitcoin's price outlook is also growing from network activity metrics. The transaction volume Z-score—a tool that compares recent network use with its average—has been climbing fast.

對比特幣價格前景的支持也從網絡活動指標中增長。交易量z得分（將最新網絡使用與平均值進行比較的工具）正在快速攀升。

Ted Boydston, a crypto investor, noted on May 15 that the metric is nearing 1 after rising from below zero. "Bitcoin should be full bull once the Z-score breaches 1," Boydston said. A Z-score above 1 has matched up with major rallies in the past.

加密貨幣投資者泰德·博伊德斯頓（Ted Boydston）在5月15日指出，該指標從零以下上升後接近1。博伊德斯頓說：“一旦Z得分違反1，比特幣應該是全公牛。”過去，Z得分超過1的Z分數與大型集會相匹配。

Chart watchers are also keeping a close eye on resistance levels. Captain Faibik shared on May 16 that Bitcoin is stuck in a sideways range between $101,000 and $104,900. On the 4-hour chart, the price has stayed in that band for over a week. Bulls have made several breakout attempts, but all have hit a wall at the $104,900 mark.

圖表觀察者還密切關注阻力水平。 Faibik上尉在5月16日分享說，比特幣被困在101,000美元至104,900美元之間。在4小時的圖表上，價格已經在該樂隊中持續了一個多星期。公牛隊進行了幾次突破性嘗試，但所有人都以104,900美元的成績擊中了一堵牆。

"The bulls are in complete control," said Faibik. But they still need to break through that level for a real move higher. If the cryptocurrency can close above $104,900 with strong momentum, a new all-time high could follow soon after.

菲比克說：“公牛隊完全控制了。”但是他們仍然需要突破這一水平才能真正移動更高。如果加密貨幣以強勁的勢頭可能會在104,900美元以上關閉，那麼不久之後就會有一個新的歷史高潮。