比特幣（BTC）短暫地標記了108,000美元，即將進入未知領域

在今天早些時候將108,000美元標記為108,000美元之後，比特幣即將進入未知領域。旗艦加密貨幣飆升了40％以上

Bitcoin (BTC) is on the verge of entering uncharted territory after briefly dipping below the $108,000 level earlier today. The flagship cryptocurrency has surged more than 40% since early April, fueled by rising market optimism and institutional demand. However, price is showing some hesitation near the all-time high (ATH), now consolidating around the $106,000 zone. This key level is acting as both resistance and a psychological barrier, creating mixed sentiment across the market.

比特幣（BTC）在今天早些時候短暫浸入108,000美元的水平之後，即將進入未知領域。自4月初以來，旗艦加密貨幣飆升了40％以上，這是由於市場樂觀和機構需求不斷上升。但是，價格顯示出在歷史最高水平（ATH）附近的猶豫，現在在106,000美元的區域附近合併。這個關鍵水平既充當抵抗力，又是心理障礙，在市場上產生了混雜的情緒。

While many analysts remain bullish, calling for a breakout that could take Bitcoin into price discovery, others are cautioning against premature euphoria, pointing to the potential for a sharp retrace if momentum stalls. Top analyst Axel Adler shared insights suggesting that every strong price acceleration shifts a significant volume of coins from loss into profit, an event that typically pushes the 30-day simple moving average (SMA) of the UTXO profit-to-loss ratio above 200. That level has historically marked overheated conditions and preceded major corrections.

儘管許多分析師仍然看漲，呼籲突破可以將比特幣帶入價格發現，但其他人則警告過早的欣快感，這表明如果動量攤位，則可能會急劇恢復。頂級分析師阿克塞爾·阿德勒（Axel Adler）分享了見解，表明每個強勁的價格加速將大量硬幣從損失轉變為利潤，這一事件通常會將UTXO利潤與損失比率的30天簡單移動平均值（SMA）推向200。該水平在歷史上已經標記過過熱條件，並取得了重大糾正。

As of now, the metric sits at 99, indicating that the market has not yet entered a phase of overheating. This suggests that Bitcoin still has room to run before sentiment becomes excessive, leaving the door open for further upside—or a critical rejection.

截至目前，公制位置為99，表明市場尚未進入過熱階段。這表明比特幣在情緒變得過多之前仍然有跑步的空間，使門開了，以進一步上升或重視。

Momentum Or Correction? Key Metric Suggests Bitcoin Still Has Room To Run

動力還是更正？關鍵指標表明比特幣仍然有運行的空間

動力還是更正？關鍵指標表明比特幣仍然有運行的空間

This is a pivotal week for Bitcoin and the entire crypto market, with price action set to determine the direction of the coming weeks. After reaching the $107,000 mark on Sunday, Bitcoin was quickly rejected, retracing more than 4% and settling around the $106,000 zone. That fakeout highlighted the fragility of the market as it approaches the all-time high (ATH) zone. A clean breakout above $109,000 would confirm the continuation of the powerful bullish trend that began in 2023. But if Bitcoin loses current levels and falls below key demand, it could trigger a deeper correction, shaking bullish conviction.

對於比特幣和整個加密市場來說，這是一個關鍵的一周，其價格動作確定了未來幾週的方向。在周日達到107,000美元的成績之後，比特幣很快被拒絕，回收超過4％，在106,000美元的區域附近定居。當它接近歷史最高（ATH）區域時，這種假貨突出了市場的脆弱性。超過$ 109,000的清潔突破將確認始於2023年的強大看漲趨勢的延續。但是，如果比特幣失去當前水平並且低於關鍵需求，它可能會引發更深層的糾正，搖晃看漲的信念。

Adler provided key insight into market sentiment by analyzing the UTXO profit-to-loss ratio. Historically, every strong acceleration in price that rapidly shifts coins from loss into profit causes the 30-day simple moving average (SMA) of this metric to spike above 200, signaling overheating and often marking the start of a distribution phase. At present, the SMA sits at 99, well below the warning threshold, indicating no signs of excess yet.

Adler通過分析UTXO的利潤與損害比率，為市場情緒提供了關鍵的見解。從歷史上看，每種強大的價格加速將硬幣從損失轉變為利潤，這會導致該指標的30天簡單移動平均值（SMA）轉變為超過200的尖峰，信號過熱並經常標誌著分配階段的開始。目前，SMA位於99，遠低於警告門檻，表明還沒有過多的跡象。

Adler notes that while Bitcoin still has room to grow, the “easy fuel” behind recent gains is fading. A much stronger push or more volatile price action will be needed to drive the metric higher. Interestingly, this aligns with a larger pattern—this cycle’s third compression phase. If the analogy holds, this coiled spring may soon release energy powerful enough to send Bitcoin well beyond its ATH, but the risk of rejection remains very real.

阿德勒指出，雖然比特幣仍然有生長的空間，但最近收益背後的“簡單燃料”正在消失。將需要更強大的推動力或更大的波動價格動作來推動較高的度量。有趣的是，這與較大的模式保持一致，即本週期的第三階段。如果類比成立，這個盤繞的春季可能很快就會釋放出足夠強大的能源，可以將比特幣遠離其ATH，但拒絕的風險仍然非常真實。

Technical Analysis: Key Weekly Price Action

技術分析：關鍵每週價格行動

技術分析：關鍵每週價格行動

Bitcoin is trading at $106,394 after reaching a local high of $108,035 earlier today. The chart shows BTC holding above the $103,600 breakout level, now acting as a strong support zone. Price action confirms a bullish structure, with higher highs and higher lows forming over the past few weeks. The 200-day SMA at $93,186 and the 200-day EMA at $88,855 remain well below the current price, reinforcing the strength of the ongoing uptrend.

比特幣今天早些時候達到了108,035美元的當地高點後，比特幣的交易價格為106,394美元。圖表顯示，BTC持有以上超過$ 103,600的突破水平，現在充當強大的支持區。價格動作證實了看漲的結構，在過去的幾周中，高高和更高的低點形成。 200天的SMA為93,186美元和200天EMA的88,855美元遠低於目前的價格，增強了正在進行的上升趨勢的實力。

However, price is now consolidating below all-time highs, with clear resistance near the $109,000 level. This area marks a crucial test for bulls. Breaking above it would confirm a move into price discovery and could trigger a wave of momentum buying. On the other hand, failure to push higher may result in a retest of the $103,600 or even the $100,000 psychological level.

但是，價格現在已經鞏固低於歷史高點，明顯的阻力接近109,000美元。該區域標誌著公牛的關鍵測試。在上面打破它將證實進入價格發現的轉變，並可能引發一波勢頭購買。另一方面，不推動更高的推動可能會導致重新測試103,600美元甚至100,000美元的心理水平。

Volume has remained moderate despite the recent rally, suggesting that a strong breakout will require higher participation. The structure currently resembles a high consolidation zone, often a precursor to a volatile move. Bulls remain in control for now, but any drop below $103,600 would weaken short-term momentum and potentially trigger a broader retracement. All eyes remain on BTC’s behavior around the ATH zone.

儘管最近舉行了集會，但數量仍然保持溫和，這表明強大的突破將需要更高的參與。該結構目前類似於高固結區，通常是揮發性移動的前體。公牛目前仍處於控制狀態，但任何低於$ 103,600的下降都會削弱短期勢頭，並可能觸發更廣泛的迴避。所有人的目光都注視著BTC在ATH區域周圍的行為。