隨著美國傳統市場在陣亡將士紀念日持續關閉，比特幣降至109,000美元

儘管有這種小小的下降，但總理的加密貨幣仍保持著優勢的位置，從溫柔的周末上升中獲得了收益，並保持著誘人的距離，距離上周達到的歷史最高水平。

Bitcoin experienced a slight pullback to $109,000 on Monday, May 26th, navigating sluggish trading conditions as traditional US markets remained closed for the Memorial Day holiday.

5月26日星期一，比特幣經歷了輕微的回調至109,000美元，隨著傳統的美國市場在陣亡將士紀念日假期的關閉，貿易條件緩慢。

Despite this minor dip, the premier cryptocurrency maintained a position of strength, holding onto gains from a gentle weekend rise and remaining tantalizingly close to the all-time high it achieved just last week.

儘管有這種小小的下降，但總理的加密貨幣仍保持著優勢的位置，從溫柔的周末上升中獲得了收益，並保持著誘人的距離，距離上周達到的歷史最高水平。

While Bitcoin consolidated, the broader digital asset market saw pockets of notable activity.

儘管比特幣合併，但更廣泛的數字資產市場看到了著名活動的口袋。

The CoinDesk 20 index, which tracks the top 20 digital coins (excluding stablecoins, memecoins, and exchange tokens), highlighted decentralized exchange Uniswap (UNI) as the day’s standout performer, with its token surging 6.6%.

Coindesk 20 Index跟踪了前20個數字硬幣（不包括Stablecoins，Memecoins和Exchange代幣），該指數強調了分散的交易所Uniswap（UNI）作為當天的出色表演者，其代幣飆升了6.6％。

Tokens for Chainlink (LINK) and Avalanche (AVAX) also posted respectable gains of 3.3% and 3.4%, respectively.

Chainlink（Link）和Avalanche（Avax）的代幣也分別發布了3.3％和3.4％的可敬收益。

These gains largely materialized overnight, receiving a boost from a shift in US trade policy rhetoric.

這些收益在一夜之間在很大程度上實現了，從美國貿易政策言論的轉變中得到了增強。

President Trump announced on Sunday that the implementation of proposed 50% tariffs on EU goods would be delayed until July 9.

特朗普總統週日宣布，擬議的50％對歐盟商品的關稅將推遲到7月9日。

This was a reversal from his statement on Friday, which had called for the tariffs to take effect on June 1 and had consequently triggered a sell-off in risk assets, including cryptocurrencies.

這是與週五聲明的逆轉，該聲明要求關稅於6月1日生效，因此引發了包括加密貨幣在內的風險資產的拋售。

European stocks, initially shaken by the tariff threat, rebounded on this news of a temporary reprieve.

最初因關稅威脅而動搖的歐洲股票反彈了這一暫時緩刑的消息。

Profit-taking wave: short-term holders cash in

利潤浪潮：短期持有人現金

Despite the overall positive sentiment that has recently propelled Bitcoin near record highs, analysts suggest the cryptocurrency may have entered a more volatile, consolidatory phase. Traders are currently digesting the rapid, nearly 50% surge from the lows seen in April, according to a Monday report by Bitfinex.

儘管最近有整體積極的情緒在近乎創紀錄的高點附近推動了比特幣，但分析師表明，加密貨幣可能已經進入了更易波動性的固結階段。根據Bitfinex的一份週一報告，交易者目前正在消化4月份的迅速增長，近50％的速度。

A significant factor potentially capping Bitcoin’s immediate upside is an intensification of profit-taking by short-term holders.

一個重要的因素可能會封蓋比特幣的即時上漲空間，這是短期持有人對利潤的強化。

The Bitfinex report highlighted that this particular cohort of investors has realized a substantial $11.4 billion in cumulative profits over the past 30 days.

Bitfinex的報告強調，這一特殊的投資者在過去30天內已經實現了114億美元的累計利潤。

This figure stands in stark contrast to the $1.2 billion in profits realized by the same group in the preceding 30-day period, suggesting a significant ramp-up in cashing out gains.

該數字與同一群體在前30天期間實現的12億美元的利潤形成了鮮明的對比，這表明兌現收益的大幅增加。

“At these levels, the risk emerges that profit-taking outpaces new demand inflows,” the Bitfinex analysts stated.

Bitfinex分析師說：“在這些層面上，利潤賺錢的風險超過了新需求流入。”

Unless there’s a corresponding rise in new capital entering the market to absorb this supply, prices may begin to stall or even retrace.

除非新資本進入市場以吸收這種供應的相應上升，否則價格可能會開始停滯甚至回顧。

Navigating choppy waters

導航波濤洶湧的水

The coming days are seen as crucial in determining Bitcoin’s near-term trajectory.

接下來的日子對確定比特幣的近期軌跡至關重要。

“The next few days will be key to gauge whether the dip to $106,000 has set the range lows or a bigger reset is in the cards,” the Bitfinex report noted.

Bitfinex報告指出：“接下來的幾天將是衡量傾銷到106,000美元的關鍵。

Should a more significant pullback materialize, a key level of support to monitor is the short-term holder cost basis, which currently sits around $95,000.

如果更重要的回調實現，則監控的關鍵支持水平是短期持有人的成本基礎，目前位於95,000美元左右。

This represents the average price at which this group of investors acquired their Bitcoin.

這代表了這組投資者獲得其比特幣的平均價格。

Despite the potential for near-term choppiness and profit-taking, the underlying outlook remains constructive, according to the analysts.

根據分析師的說法，儘管有近期切碎和獲利的潛力，但基本的前景仍然建設性。

They pointed to strong inflows into US spot Bitcoin ETFs—totaling an impressive $5.3 billion in May so far—alongside currently low market volatility and a lack of excessive speculative froth.

他們指出，進入我們現貨比特幣ETF（到目前為止5月的53億美元）目前的市場波動率很低，並且缺乏過多的投機性泡沫。

These factors, they argue, suggest that Bitcoin is likely to resume its upward trend heading into the third quarter of the year, following this potential period of consolidation.

他們認為，這些因素表明，在這種潛在的合併時期之後，比特幣可能會恢復到今年第三季度的上升趨勢。