比特幣公牛將價格推回100,000美元以上，引發了大規模清算活動

自2月初以來，比特幣公牛隊首次將價格提高到了100,000美元以上。但是，這種動量也引發了清算的巨大激增。

Bitcoin bulls pushed the cryptocurrency’s price back above $100,000 for the first time since early February. However, the circumstances behind the momentum paved the way for a massive surge in liquidations.

自2月初以來，比特幣公牛將加密貨幣的價格首次提高了100,000美元。但是，動量背後的情況為清算的巨大涌動鋪平了道路。

Bitcoin price surged by almost 4% from sub $97,000 levels to trade above $101,048 at press time. The cryptocurrency briefly struggled with resistance just below this key price point, before the bulls eventually won.

在發稿時，比特幣價格從低於$ 97,000的水平飆升了幾乎4％，交易價格超過$ 101,048。在公牛隊最終獲勝之前，加密貨幣在此關鍵價位低於此關鍵價位以下時短暫地掙扎。

This latest move also triggered a significant surge in liquidations. Almost $200 million worth of shorts were liquidated in the last 24 hours. In contrast, only $20.36 million worth of long positions were liquidated during the same period.

這一最新舉動也引發了清算的巨大激增。在過去的24小時內清算了近2億美元的短褲。相比之下，同一時期僅清算了價值2036萬美元的長職位。

This ratio of shorts suggests that there were heavy bearish expectations. The short liquidation figures were also the highest observed in the last 2 weeks.

這個短褲的比例表明，看跌期權很高。在過去的2週內，短清算數字也是最高觀察到的。

Investors have been expecting a rate cut but the Federal Reserve revealed that rates would remain unchanged during Wednesday’s FOMC meeting. This may explain the surge in bearish expectations especially considering that BTC was already overbought.

投資者一直期望降低稅率，但美聯儲透露，在周三的FOMC會議期間，利率將保持不變。這可能解釋了看跌期望的激增，尤其是考慮到BTC已經過分購買。

FED’s Treasury Bond Purchase Boosts Bitcoin Bulls

美聯儲的財政債券購買增強了比特幣公牛

Bitcoin bulls may have also received a confidence boost courtesy of recent reports which revealed that the FED was pumping more liquidity into the economy. The financial authority reportedly acquired a total of $34.8 billion worth of treasury bills this week.

比特幣公牛可能還受到了最近的報導的信心增強，該報告表明，美聯儲將更多的流動性湧入經濟。據報導，金融當局本週收購了總計348億美元的國庫券。

This confirmed that market liquidity was growing at a time when the FED has been trying to balance the economy and keep inflation in check.

這證實了在美聯儲試圖平衡經濟並保持通貨膨脹率平衡的時候，市場流動性正在增長。

Interestingly, this new purchase aligned with the upside observed in the M2 money supply. The latter recently pushed to a new historic high of $21.76 trillion.

有趣的是，這項新購買與M2貨幣供應中觀察到的上漲一致。後者最近將新的歷史高點升至21.76萬億美元。

The FED’s recent treasury bills confirmed the accelerating liquidity inflows. Bitcoin has arguably been getting a slice of that liquidity pie, and its aggressive recovery from April lows reflects that observation.

美聯儲最近的國庫法案證實了加速流動性流入。可以說，比特幣已經得到了流動性派的一小部分，其從四月低點中的積極恢復反映了這一觀察結果。

Rising M2 money supply also highlights the growing risk of runaway debt potentially leading to long term fiat value erosion. Such an outcome supports the long term bullish outlook but may not necessarily shield Bitcoin from short term headwinds.

M2貨幣供應量的上升還凸顯了債務失控的日益增長的風險可能導致長期法定價值侵蝕。這樣的結果支持長期看漲的前景，但不一定會避免比特幣免受短期逆風。

Weekly Demand Demonstrated Cooling Sell Pressure

每週需求表明冷卻賣壓力

A bearish retreat may have aided the bullish outcome. Spot outflows were highest at just over $832 million on 4 May, but have been declining since then. They switched in favor of positive flows in the last 24 hours, with about $69.72 million worth of inflows.

看跌的靜修可能有助於看漲結果。 5月4日，現場流出最高，剛剛超過8.32億美元，但此後一直在下降。他們在過去24小時內轉換了積極的流動，價值約為6,972萬美元的流入。

Interestingly, the positive spot flows were preceded by positive ETF flows 24 hours prior. A sign that institutions responded positive to news that rates would remain unchanged.

有趣的是，在24小時前24小時之前，正點流量為正ETF流。一個跡象表明，機構對新聞的反應是積極的，即利率將保持不變。

Can Bitcoin still maintain the momentum above the $100,000 mark? The market demonstrated a sell wall just below shy of that key price point, which suggests that there was a significant amount of profit-taking.

比特幣仍然可以維持超過100,000美元的勢頭嗎？市場表明，賣出的牆遠低於該關鍵價格點，這表明有大量的盈利。

The fact that Bitcoin was still overbought at press time levels could indicate that sell pressure may still make a strong comeback and push price below $100,000. On the other hand, it is possible that one Bitcoin overcomes the sell wall, it could continue rallying, driven by FOMO and demand induced by a short squeeze.

比特幣在新聞發布水平上仍然超額購買的事實可能表明，賣出壓力仍然可能導致強勁的捲土重來，並將價格推高至100,000美元以下。另一方面，一個比特幣可能克服了賣牆，它可能會繼續集會，這是由FOMO驅動的，並因短暫的擠壓而引起的需求。

Meanwhile, a Standard Chartered analyst that previously called for a $120,000 price target in 2025 has reportedly revised the target.

同時，據報導，一位標準的特許分析師以前要求2025年的目標價為120,000美元，已修改了該目標。

The analysts reportedly stated that the target was too low. This signals that even institutional expectations of Bitcoin price in 2025 have been improving along with a brighter disposition also observed in the whale category.

據報導，分析師表示目標太低。這表明，即使是2025年對比特幣價格的機構期望也在改善，並且在鯨魚類別中也觀察到更明亮的處置。