在過去的一周中，比特幣一直在悄悄攀登

儘管這些收益的步伐緩慢，但數據表明，比特幣持有人對加密貨幣的未來表現出越來越多的信心。

Bitcoin (BTC) has been slowly but surely climbing over the past week, moving steadily from the $87K zone to the $94K–$95K range. This gradual ascent reflects a positive sentiment among investors, who are showing a growing level of confidence in the cryptocurrency’s future.

比特幣（BTC）在過去一周中一直在緩慢但肯定會攀升，從8.7萬美元的區域穩步移動到$ 94K - $ 9.5K的價格。這種逐漸的上升反映了投資者的積極情緒，他們對加密貨幣的未來表現出越來越多的信心。

While the pace of these gains might seem slow, data suggests that Bitcoin holders are becoming increasingly optimistic, a fact that could have implications for the cryptocurrency’s long-term price trajectory.

儘管這些收益的速度似乎很慢，但數據表明比特幣持有人變得越來越樂觀，這一事實可能會對加密貨幣的長期價格軌跡產生影響。

A shift has been observed in Bitcoin’s exchange flow metrics, which are now showing signs of heavy accumulation, contrasting with the usual scenario where these metrics foreshadow profit-taking.

在比特幣的交換流量指標中觀察到了轉變，該指標現在顯示出大量積累的跡象，與這些指標預示利潤獲利的通常情況形成鮮明對比。

Moreover, the U.S. state of Arizona’s recent Senate bill approval, which could pave the way for a Bitcoin strategic reserve, has further fueled this growing optimism.

此外，美國亞利桑那州最近的參議院法案批准，這可能為比特幣戰略儲備鋪平道路，進一步加劇了這種日益增長的樂觀。

Bitcoin’s Confidence Indicator: The Supply in Profit

比特幣的信心指標：利潤供應

As Bitcoin continues to climb, the supply in profit metric has been steadily rising, a key sign that Bitcoin holders are feeling more confident about the currency’s long-term trajectory.

隨著比特幣繼續攀升，利潤度量的供應量一直在穩步上升，這是比特幣持有人對貨幣長期軌跡更有信心的關鍵信號。

Analyst Darkfost highlighted this in a recent CryptoQuant post, noting that when more than 90% of Bitcoin’s supply is in profit, historical patterns suggest a euphoric phase.

分析師DarkFost在最近的一篇隱秘帖子中強調了這一點，並指出，當超過90％的比特幣供應是利潤時，歷史模式表明了一個欣快的階段。

While such phases are usually followed by pullbacks, these sell-offs are unlikely in the immediate future.

雖然這些階段通常之後是回調，但在不久的將來，這些拋售不太可能。

This increase in Bitcoin’s supply in profit, along with its relatively low selling pressure from miners, signals that the current rally could still have some legs to run.

比特幣的利潤供應量增加，以及礦工的銷售壓力相對較低，這表明目前的集會仍然可能有一些腿可以運行。

However, a word of caution is necessary as the market could experience pullbacks when the price becomes overheated. Yet, for now, Bitcoin’s upward momentum seems to be driven by steady demand and growing confidence.

但是，必須謹慎，因為當價格過熱時，市場可能會遇到回調。然而，就目前而言，比特幣的上升勢頭似乎是由穩定的需求和日益增長的信心所驅動的。

Exchange Netflows: A Bullish Signal

Exchange Netflows：看漲信號

Another key metric contributing to the optimism around Bitcoin’s price is the exchange netflows data. The 30-day moving average has been trending lower for the past week, staying in negative territory throughout April.

圍繞比特幣價格樂觀的另一個關鍵指標是Exchange Netfrows數據。過去一周的30天移動平均線趨勢降低，整個4月一直保持在負領土。

This suggests that more Bitcoin is being moved out of exchanges than into them, signaling accumulation rather than profit-taking.

這表明，比特幣要從交易所中移出的比比特幣更多，而不是賺錢，而不是獲利。

The 7-day moving average of exchange flows saw a significant drop in April, further highlighting that Bitcoin holders are not rushing to sell. If this trend continues, it could pave the way for further price increases.

7天的交換流量的移動平均值在四月份顯著下降，進一步強調了比特幣持有人並不急於出售。如果這種趨勢繼續下去，它可能為進一步的價格鋪平道路。

In a market lacking confidence, an increase in BTC moving onto exchanges would typically signal that holders are preparing to sell, but this is not the case here.

在缺乏信心的市場中，BTC轉移到交易所的增加通常會表明持有人準備出售，但這並非如此。

MVRV Ratio: A Growing Bullish Signal

MVRV比率：越來越多的看漲信號

Bitcoin’s MVRV (Market Value to Realized Value) ratio, which measures the difference between the price of Bitcoin and the average price at which it was last moved, has also been an important indicator.

比特幣的MVRV（市場價值與已實現價值）比特幣的價格與比特幣價格與上次移動的平均價格之間的差額之間的差異也是一個重要的指標。

The 30-day MVRV ratio is at its highest since late 2024, suggesting that Bitcoin is approaching levels where holders might start taking profits.

自2024年底以來，30天的MVRV比率是最高的，這表明比特幣正接近持有人可能開始獲利的水平。

However, this fear of selling pressure from profit-taking is balanced by the longer-term MVRV ratios, which remain low. Specifically, the 180-day and 365-day MVRV values are far from the levels seen in the peak months of November and December 2024, indicating that long-term holders have not yet reached substantial profit levels. This reinforces the idea that Bitcoin’s rally has room to grow.

但是，這種對賺錢銷售壓力的恐懼與長期MVRV比率保持平衡，而MVRV比率保持較低。具體而言，180天和365天的MVRV值遠非2024年11月和12月12日的高峰月份所看到的水平，這表明長期持有人尚未達到可觀的利潤水平。這加強了比特幣集會有生長空間的想法。

Where Are Bitcoin’s Price Targets?

比特幣的價格目標在哪裡？

The market’s growing confidence is reflected in Bitcoin’s price trajectory. With the $94K–$95K zone acting as a key resistance point, the next significant hurdles appear to be at $101K and $106K. According to data from the liquidation heatmap, these levels could be Bitcoin’s next major targets if the bullish momentum continues.

市場日益增長的信心反映在比特幣的價格軌跡中。憑藉$ 94K - $ 95K的區域充當關鍵阻力點，下一個重大障礙似乎為$ 101K和10.6萬美元。根據清算熱圖的數據，如果看漲勢頭繼續前進，這些水平可能是比特幣的下一個主要目標。

The market’s cautious optimism is supported by a combination of bullish metrics and a solid technical outlook. Bitcoin’s slow but steady upward movement suggests that it is gearing up for more gains, with the $95K wall likely to be breached if the current trend continues.

市場的謹慎樂觀情緒得到了看漲指標和紮實的技術前景的支持。比特幣的緩慢但穩定的向上移動表明，它正在為更多的收益做好準備，如果當前趨勢繼續下去，則可能會違反95,000美元的牆壁。

What’s Next for Bitcoin?

比特幣的下一步是什麼？

As Bitcoin holders maintain their conviction, the likelihood of a pullback remains, but it does not seem imminent. The combination of low selling pressure, increasing supply in profit, and net outflows from exchanges signals a strong accumulation phase.

隨著比特幣持有人堅持自己的信念，撤回的可能性仍然存在，但似乎並不是迫在眉睫。低銷售壓力，利潤供應量增加以及交換的淨流出的結合標誌著強大的積累階段。

Bitcoin has already broken several key barriers, and if it can clear the $95K resistance, it could see its next surge towards the $100K mark and beyond.

比特幣已經打破了幾個關鍵障礙，如果可以清除95,000美元的電阻，它可能會看到其下一個朝著10萬美元的商標及以後的激增。

In conclusion, the data suggests that Bitcoin’s current rally has strong momentum and could continue to rise throughout 2025. Despite the threat of a pullback, key metrics are signaling that Bitcoin holders are confident, and the market may be on the verge of breaking through key resistance levels, potentially paving the way for even higher gains in the coming months.

總而言之，數據表明，比特幣目前的集會具有強大的動力，並且在2025年的整個2025年可能會繼續上升。儘管有回調的威脅，但關鍵指標表明比特幣持有人有信心，市場可能在突破關鍵阻力水平上破裂，在未來幾個月中為更高的增長鋪平了道路。