比特幣已正式進入未知領域

比特幣在超過以前的109,000美元的歷史最高點之後，已正式進入未知領域，攀升至112,000美元的新高峰

Bitcoin (BTC) price has officially entered uncharted territory after breaking above its previous all-time high of $109,000, climbing to a new peak of $112,000. The move comes after several days of tight consolidation and speculation, with bulls finally seizing control despite persistent macroeconomic headwinds.

比特幣（BTC）的價格在超過其先前有史以來109,000美元的歷史最高點之後，已正式進入未知領域，攀升至112,000美元的新峰值。此舉是在經過幾天的緊密整合和猜測之後進行的，儘管持續存在的宏觀經濟逆風，公牛最終奪取了控制權。

Global financial markets remain highly volatile, shaken by ongoing geopolitical tensions and increasing fears of a recession as US Treasury yields stay elevated. Interestingly, while prices surge, CryptoQuant data reveals a notable absence of aggressive whale selling.

全球金融市場仍然高度波動，由於持續的地緣政治緊張局勢而動搖，並且隨著美國財政收益率的提高，人們對經濟衰退的恐懼越來越大。有趣的是，儘管價格飆升，但加密數據顯示出明顯沒有侵略性的鯨魚銷售。

The Whale to Exchange Flow metric, which tracks the volume of large transfers from wallets to exchanges, shows that whales are not currently rushing to offload their holdings. Exchange inflows from large wallets remain well below levels typically seen near cycle tops.

交換流量指標的鯨魚跟踪從錢包到交換的大型轉移的數量，表明鯨魚目前並不急於下載其持股。來自大錢包的交換流入遠低於通常在循環頂部附近看到的水平。

This relative muting of whale activity suggests confidence in further upside potential, or at least a willingness to let the market push higher before realizing gains. With momentum building and supply staying tight, Bitcoin’s breakout could be the start of a much larger move—if support holds and market sentiment doesn’t shift.

鯨魚活動的這種相對靜音表明對進一步的上升潛力有信心，或者至少願意在實現收益之前使市場推高。隨著勢頭建設和供應保持緊密，比特幣的突破可能是一個更大舉動的開始 - 如果支持和市場情緒不會改變。

Whale Behavior Signals Caution As Bitcoin Holds Bullish Structure

鯨魚行為信號表示比特幣保持看漲結構

鯨魚行為信號表示比特幣保持看漲結構

Bitcoin is currently trading just below the $110,000 mark, yet it continues to maintain a short-term bullish market structure. Despite the recent retracement from its new all-time high of $112,000, BTC has held above key support zones, which many analysts interpret as a sign of strength. Some expect continuation toward higher price levels, while others remain skeptical, warning of a potential breakdown below $100,000 if momentum fades or macro risks intensify.

比特幣目前的交易幅度略低於110,000美元，但它繼續保持短期看漲市場結構。儘管最近有112,000美元的新歷史最高高點進行了回答，但BTC仍在關鍵支持區域上佔據，許多分析師將其解釋為實力的標誌。有些人希望繼續朝著更高的價格水平延續，而另一些人則仍然持懷疑態度，警告潛在的細分低於100,000美元，如果動量逐漸消失或宏觀風險加劇。

Ongoing global tensions and financial uncertainty continue to shape market sentiment. Rising geopolitical risks and recession concerns have fueled volatility across traditional markets, but Bitcoin has shown resilience. Optimism surrounding a broader bullish phase continues to grow, especially as on-chain signals remain constructive.

持續的全球緊張局勢和財務不確定性繼續塑造市場情緒。地緣政治風險和經濟衰退的不斷上升引起了傳統市場的波動，但比特幣表現出韌性。圍繞更廣泛的看漲階段的樂觀情緒不斷增長，尤其是隨著鏈信號仍然建設性。

Top analyst Darkfost provided important insights into whale behavior, a key variable during market tops. According to his analysis, whale activity remains “fairly neutral” despite BTC entering price discovery territory.

頂級分析師DarkFost提供了對鯨魚行為的重要見解，這是市場頂部期間的關鍵變量。根據他的分析，儘管BTC進入了價格發現領域，但鯨魚活動仍然“相當中立”。

The Whale to Exchange Flow metric confirms that volumes sent from large wallets to exchanges remain subdued, currently around $300 million per day. This is significantly lower than the $1 billion+ inflows observed during previous tops, such as in late 2021.

交換流量指標的鯨魚證實，從大錢包到交易所發送的量仍然柔和，目前每天約3億美元。這大大低於以前頂部觀察到的10億美元+流入，例如2021年底。

This restrained whale activity suggests that major holders are not rushing to sell, likely anticipating more upside before realizing profits. While short-term volatility is expected, the lack of heavy distribution hints at continued support for higher prices.

這種限制的鯨魚活動表明，主要持有人不會急於出售，可能會在實現利潤之前會有更多的上漲。儘管預計短期波動率，但缺乏分銷的暗示，即持續支持更高的價格。

If Bitcoin can reclaim $110K and hold, the stage could be set for another leg higher, potentially drawing in sidelined capital and sparking further upside. Until then, all eyes remain on macro conditions, and the whales quietly hold their ground.

如果比特幣可以收回$ 110K並保持固定，則可以將舞台設置為另一支腿，可能會在旁邊的資本中繪製，並在進一步的上升空間。在此之前，所有人的目光都留在宏觀條件下，鯨魚悄悄地握住了地面。

BTC Enters Price Discovery: Key Technical Levels

BTC進入價格發現：關鍵技術級別

BTC進入價格發現：關鍵技術級別

Bitcoin is holding firm above the key breakout zone around $103,600, even after facing selling pressure from its recent all-time high at $112,000. On the daily chart, BTC remains in a bullish structure, supported by a steep incline in the 34-day EMA (green), which continues to track closely below price. This shows strong trend continuation despite the brief retrace.

比特幣在$ 103,600左右的關鍵分支區域上保持公司，即使在最近有史以來高漲為112,000美元的銷售壓力之後。在每日圖表上，BTC仍然處於看漲的結構，並由34天EMA（綠色）中的陡峭傾斜度支撐，該結構繼續跟踪價格低於價格。儘管進行了短暫的回顧，但這顯示出強烈的趨勢延續。

After breaking out of the long-standing horizontal resistance, BTC surged aggressively toward $112K before retracing to test the upper range of its former consolidation. The pullback appears healthy so far, with no major breakdown and volume tapering off—a typical sign of cooling rather than panic selling.

從長期以來的水平阻力中脫穎而出後，BTC猛烈地向112K飆升，然後重新進行了以前的固結測試上層範圍。到目前為止，回調看起來很健康，沒有重大的崩潰和體積逐漸減少，這是冷卻而不是恐慌銷售的典型跡象。

Momentum could resume if bulls defend the $103,600 support, which also aligns with the EMA cluster. A close above $110,000 would be a strong signal of resumed buying interest.

如果公牛捍衛103,600美元的支持，這也與EMA集群保持一致，勢頭可以恢復。超過$ 110,000的收盤價將是恢復購買利息的強烈信號。

Conversely, a daily close below $103,600 could suggest further downside toward the $100K psychological level and the rising 50-day moving average (currently near $94,455).

相反，每天關閉$ 103,600的收盤價可能暗示進一步的缺點，即$ 10萬美元的心理水平和50天的移動平均線（目前接近94,455美元）。