隨著市場情緒的看漲，比特幣的潮流達到了歷史最高水平，而分形仍然較低

當前的圖表模式和鏈上數據表明，BTC的價格應進行大規模的價格行動

Bitcoin (BTC) price rallied to the highest level in 2024 on ‘Bitcoin Pizza Day’, which turned out to be a memorable one. The current chart pattern and the on-chain data suggest the BTC price is due for a massive price action.

比特幣（BTC）的價格在2024年在“比特幣披薩日”上升至最高水平，事實證明這是一個令人難忘的。當前的圖表模式和鏈上數據表明，BTC的價格應進行大規模的價格行動。

The cryptocurrency behemoth barged into a new all-time high (ATH) of $111,861. However, the price faced a lowered bearish action, suggesting the investors have become highly optimistic over the upcoming price action. Moreover, some of the fractals suggest the BTC bull run has just begun, and hence, the price is believed to maintain a healthy ascending trend and remain consolidated in the discovery phase.

加密貨幣龐然大物闖入了111,861美元的新歷史高峰（ATH）。但是，價格面臨的看跌行動降低，表明投資者對即將到來的價格行動變得非常樂觀。此外，一些分形表明BTC公牛跑步剛剛開始，因此，據信價格可以保持健康的上升趨勢，並在發現階段保持合併。

The current BTC price rise was backed by an over 75% rise in the trading volume in the past 24 hours, which signals towards a major price action approaching quickly. The technicals that were supposed to be overheated are also quite cool, which is another factor that indicates a massive move in the BTC price.

當前的BTC價格上漲在過去24小時內的交易量增長了75％以上，這標誌著大型價格行動迅速接近。本來應該過熱的技術也很酷，這是另一個因素，表明BTC價格的行動巨大。

The Payoff Ratio is used to measure the relative strength of buyers and sellers. The lower the Payoff Ratio, the stronger the sellers; and the higher the Payoff Ratio, the stronger the buyers. Despite the strong selling pressure that pushed the BTC price down from $120,000 to $90,000, the Payoff Ratio never fell below 0.4. This shows that the selling strength was limited even during the correction phase. Moreover, the Payoff Ratio quickly recovered to 0.8 after the price stabilized above $100,000, which signals an increment in the buying strength.

收益率用於衡量買賣雙方的相對強度。收益比越低，賣方越強；收益率越高，買家就越強大。儘管銷售壓力很大，將BTC的價格從120,000美元下降到90,000美元，但收益率永遠不會低於0.4。這表明即使在校正階段，銷售強度也有限。此外，在價格穩定超過100,000美元之後，收益率迅速恢復到0.8，這表明購買強度的增加。

The Funding Rate is an indicator of market overheating. When traders place perpetual contracts, they pay or receive an interest on their positions, which depends on the Funding Rate and the size of their positions. A positive Funding Rate indicates that traders are bullish and willing to pay to keep their positions open, while a negative Funding Rate signals that traders are bearish and prefer to receive interest to maintain their positions.

資金率是市場過熱的指標。當交易者簽訂永久合同時，他們會在其職位上支付或獲得利息，這取決於資金率和職位的規模。積極的資金率表明，交易者是看漲的，願意為保持職位的持有態度而付出代價，而負面的融資率表示交易者是看跌的，並且寧願獲得利息以維持其職位。

The long bets are increasing but have not yet reached the peaks they hit during the previous rallies, which indicates the future market overheating is quite negligible. Moreover, the short-term capital inflow can be calculated by considering the portion of BTC traded within 1 week to 1 month. This also determines the market overheating, as it displays the active supply that was last moved between 1 week and 1 month.

漫長的賭注正在增加，但尚未達到他們在上一次集會期間達到的高峰，這表明未來的市場過熱是可以忽略的。此外，可以通過考慮在1周到1個月內交易的BTC部分來計算短期資本流入。這也決定了市場過熱，因為它顯示了最後一次在1周至1個月之間移動的積極供應。

Although the BTC price hit a new high, the short-term capital inflow is not as rapid as during the past peaks. A large portion of the BTC was traded in the past 1 week to 1 month, which indicates the short-term holders are actively participating in the market.

儘管BTC價格達到了新的高度，但短期資本流入不如過去高峰時期。在過去的1周到1個月中，BTC的很大一部分是交易的，這表明短期持有人正在積極參與市場。

After the price surges, the short-term holders tend to take profit, which has been seen in almost all of the price rises. In March 2024, the profit-taking was significant, which led to a prolonged correction. Now that the price has reached a new high again, the profit-taking is much lower than in November 2024, which indicates the whales’ and the retailers’ profit-taking is limited, as they might be waiting for a massive price action.

價格飆升後，短期持有人傾向於獲利，這幾乎在所有價格上漲中都可以看到。在2024年3月，獲利意義重大，這導致了延長的糾正。既然價格再次達到了新的高價，那麼獲利的幅度遠低於2024年11月，這表明鯨魚和零售商的利潤率受到限制，因為他們可能正在等待大規模的價格行動。

On the other hand, the Bitcoin holdings in spot ETFs have also reached an all-time high. The increased holdings by both retail and institutional investors significantly support the overall market uptrend. This suggests the Bitcoin market is still in a healthy upward phase and hence possesses huge potential to maintain a steep ascending trend to mark fresh highs in the coming days.

另一方面，現貨ETF中的比特幣持有量也達到了歷史最高水平。零售和機構投資者的持股增加大大支持了整個市場上升趨勢。這表明比特幣市場仍處於健康的上階段，因此在接下來的幾天裡具有巨大的上升趨勢，可以保持急劇上升的趨勢。