與以前的牛市集會不同，比特幣（BTC）的當前勢頭似乎正在展開，沒有過多的市場欣快感的跡象

BTC昨天達到了新鮮的歷史最高水平 - 交易超過$ 111,000 - 但市場狀況仍然相對平靜

Unlike prior bull market rallies, Bitcoin’s (BTC) current momentum appears to be unfolding without signs of excessive market euphoria. Several key indicators suggest that this ongoing rally may be more sustainable than those in the past, hinting that BTC could have more room to grow before encountering a significant correction.

與先前的牛市集會不同，比特幣（BTC）的當前動量似乎正在展開，沒有過多的市場欣快感的跡象。幾個關鍵指標表明，這種持續的集會可能比過去更可持續，這暗示BTC在遇到重大糾正之前可能有更多的生長空間。

BTC Hits New Record High Quietly

BTC悄悄地擊中了新紀錄

BTC reached a fresh all-time high (ATH) yesterday – trading above $111,000 – yet market conditions remained calm, with little indication of the overheating typically seen during previous market tops.

BTC昨天達到了新鮮的歷史最高水平（ATH） - 交易超過111,000美元 - 但市場狀況仍然很鎮定，幾乎沒有跡象表明在以前的市場頂級中通常看到的過熱。

In a recent CryptoQuant Quicktake post, contributor Crypto Dan noted that funding rates – often used to gauge speculative activity – have remained subdued despite the recent ATH. While long positions have increased, their levels are still significantly lower than during prior bull cycle peaks.

在最近的一個加密快速帖子中，撰稿人加密丹（Crypto Dan）指出，儘管最近有ATH，但經常用來衡量投機活動的資金率（通常用於衡量投機活動）。儘管長位置增加了，但它們的水平仍明顯低於先前的牛週期峰。

“Examining the proportion of BTC traded within the last one week to one month reveals short-term capital inflow into the Bitcoin market. During the current rally, such short-term capital inflows into BTC have not been as high as seen in previous rallies.”

“檢查在過去一個星期到一個月內交易的BTC比例顯示出短期資本流入比特幣市場。在當前的集會期間，這種短期資本流入BTC的流入並不像以前的集會那樣高。”

While some short-term holders have realized profits, the scale of this profit-taking is far lower than in March or November 2024, both of which were followed by sharp pullbacks and billions in trader liquidations.

儘管一些短期持有人已經意識到了利潤，但這種獲利的規模遠低於2024年3月或11月，這兩者之後都是急劇的回調和數十億美元的交易者清算。

Notably, old Bitcoin whales have been largely inactive in terms of profit-taking, even as the price has reached successive new highs. This reluctance to sell may indicate that major holders are expecting further appreciation in BTC’s price.

值得注意的是，儘管價格已經連續達到新高，但舊的比特幣鯨在很大程度上是不活躍的。這種不願出售的可能表明，主要持有人預計BTC的價格會進一步讚賞。

Meanwhile, institutional demand continues to grow, especially through US-based spot Bitcoin ETFs. According to data from SoSoValue, the total net assets held in these ETFs now amount to approximately $129 billion, which represents around 6% of Bitcoin’s total market cap.

同時，機構需求不斷增長，尤其是通過基於美國的現貨比特幣ETF。根據Sosovalue的數據，這些ETF中持有的淨資產總額約為1.29億美元，約佔比特幣總市值的6％。

Key Price Levels To Watch Out For

關鍵價格水平要注意

In a separate X post, noted crypto analyst Ali Martinez highlighted several key levels to monitor as BTC enters uncharted price territory. The analyst outlined $116,000, $126,000, $136,000, and $148,000 as next price levels to watch out for.

在單獨的X帖子中，著名的加密分析師阿里·馬丁內斯（Ali Martinez）強調了幾個關鍵水平，以監測BTC進入未知的價格領域。這位分析師概述了$ 116,000，$ 126,000，136,000美元和148,000美元的下一個價格水平。

Similarly, other analysts point toward positive technical indicators that may propel BTC to even higher-highs. For instance, Titan of Crypto recently noted that BTC is nearing a bullish Golden Cross formation on the weekly chart.

同樣，其他分析師指出的是積極的技術指標，這些指標可能會推動BTC更高的高位。例如，Crypto的Titan最近指出，BTC在每週圖表上接近看漲的黃金十字架。

Additionally, crypto analyst Ted Pillows recently stated that BTC may have entered the final phase of a Wyckoff Accumulation pattern, with the next leg potentially pushing the price as high as $120,000.

此外，加密分析師TED Pillows最近表示，BTC可能進入了Wyckoff積累模式的最後階段，下一回合可能會將價格提高到120,000美元。

At press time, BTC trades at $110,800, up 3% in the past 24 hours.

發稿時，BTC的交易價格為110,800美元，在過去24小時內增長了3％。