在向看漲投資者詢問幾天后，比特幣終於創造了一個新的歷史最高水平

在向看漲投資者詢問幾天之後，比特幣終於在108,800美元以上的歷史最高高點上了新的高度，達到111,814美元

After several days of asking from bullish investors, Bitcoin has finally carved out a new all-time high above $108,800, reaching as high as $111,814 in the last 24 hours. The breakout to the new all-time high has been accompanied by strong buying volume, but the recent rally is now facing heavy friction from a concentrated zone of sell orders that appear to be keeping price action capped in a tight range. Bitcoin is currently consolidating just below $111,000 after retracing, and on-chain order book data from CoinGlass offers an explanation.

在向看漲投資者詢問幾天后，比特幣終於在108,800美元以上的新歷史高處創造了新的高度，在過去24小時內達到了111,814美元。新歷史最高水平的突破伴隨著強勁的購買量，但是最近的集會現在正面臨著集中的賣出訂單區域的巨大摩擦，似乎使價格行動保持在緊密的範圍內。回合後，比特幣目前正合併低於111,000美元，而Coinglass的鏈訂單數據提供了解釋。

Liquidity Heatmap Shows Strong Resistance Cluster

流動性熱圖顯示出強阻力簇

Data from CoinGlass reveals an aggressive concentration of sell orders between the $111,000 and $113,200 range. This is clearly visible in the heatmap chart below, where bright yellow bands represent heavy liquidity levels stacked above the current market price.

來自Coinglass的數據顯示，賣出訂單的積極集中在111,000美元至113,200美元之間。在下面的熱圖表中可以清楚地看到這一點，在下面的熱圖表中，明亮的黃色帶代表了高於當前市場價格的大量流動性水平。

What is really interesting is what is happening at these liquidity levels. Sell orders are being layered at a rate of $8 million per $100 increment within these levels, forming a thick wall of resistance. Together, this zone carries approximately $200 million in cumulative sell-side pressure.

真正有趣的是這些流動性水平正在發生的事情。賣出訂單的分層為每100美元的增量額800萬美元，形成了厚厚的電阻牆。該區域共同承受著大約2億美元的累積賣方壓力。

The visual data reflects consistent order flow resistance, with several candles wicking into the highlighted region only to be rejected shortly after. In effect, the market could be entering a liquidity trap where bullish momentum is absorbed, and buyers at the top can get liquidated.

視覺數據反映了一致的順序電阻，只有幾隻蠟燭芯入突出顯示的區域，只有在不久之後才能拒絕。實際上，市場可能會進入一個流動性陷阱，在該陷阱中，看漲勢頭被吸收，頂部的買家可以清算。

This large-scale sell wall typically represents institutional distribution or protective positioning from whales who anticipate a short-term correction. With Bitcoin having surged from below $106,000 to over $111,000 in such a short time, it’s unsurprising to see some profit-taking at these psychological thresholds.

這個大規模的賣牆通常代表預期短期校正的鯨魚的機構分配或保護性定位。在這麼短的時間內，比特幣從106,000美元飆升至111,000美元以上，因此在這些心理門檻上看到一些盈利是毫不奇怪的。

However, the presence of this wall does not necessarily invalidate the broader bullish trend; it introduces a friction that may result in consolidation or a temporary pullback. If Bitcoin is unable to penetrate this wall cleanly, there can be a prolonged sideways pattern as buy-side liquidity attempts to absorb the sell pressure. But a sudden spike in spot demand or a liquidation cascade in short positions could trigger a breakout above $113,200, which would clear the path for price discovery beyond $115,000.

但是，這堵牆的存在不一定使更廣泛的看漲趨勢無效。它引入了可能導致合併或臨時回調的摩擦。如果比特幣無法乾淨地穿透這堵牆，則可能會有長時間的側向模式，因為購買方向的流動性試圖吸收賣出壓力。但是，突然在現貨需求或清算級聯級別的級別上的峰值可能會觸發超過113,200美元以上的突破，這將清除價格發現的道路，超過115,000美元。

The Bitcoin Network Value to Transactions (NVT) Golden Cross seems to support this latter outlook. Technical analysis of Bitcoin’s price action using this indicator shows that the Bitcoin NVT golden cross is still out of the overbought zone, meaning that the price still has much room to run.

對交易的比特幣網絡價值（NVT）Golden Cross似乎支持了後者的前景。使用此指標對比特幣的價格動作進行技術分析表明，比特幣NVT Golden Cross仍然超出了過多的區域，這意味著價格仍然有很大的運行空間。

On the other hand, on-chain data shows an interesting trend from Bitcoin whales that can contribute to selling pressure. New whales, those currently holding huge amounts of BTC for less than 30 days, have started taking profit off of this new price peak. However, old whale addresses have contributed very little to selling pressure.

另一方面，鍊鍊數據顯示了比特幣鯨的有趣趨勢，這可能導致銷售壓力。新鯨魚是目前在不到30天內擁有大量BTC的新鯨魚，已經開始從這個新價格峰值上獲利。但是，舊的鯨魚地址對銷售壓力幾乎沒有貢獻。

At the time of writing, Bitcoin is trading at $110,670.

在寫作時，比特幣的交易價格為110,670美元。