比特币（BTC）在市场上谨慎谨慎的情况下，其历史最高（ATH）的高价（ATH）。

自4月初以来，加密货币已上涨了40％以上，达到107,000美元，随后回调至105,300美元左右。

Bitcoin (BTC) is approaching its all-time high (ATH) of $109,000 with unusual caution from the market. The cryptocurrency has gained over 40% since early April, reaching as high as $107,000 before experiencing a pullback to around $105,300.

比特币（BTC）在市场上谨慎谨慎的情况下，其历史最高（ATH）的高价（ATH）。自4月初以来，加密货币已上涨了40％以上，达到107,000美元，随后回调至105,300美元左右。

What makes this rally different from previous ones is the absence of extreme euphoria and overheated market indicators.

与以前的集会不同的是，没有极端的欣快感和过热的市场指标。

Technical analysis reveals that Bitcoin has been trading within a parallel channel pattern for the past few months. This pattern emerges when an asset consolidates between two parallel trendlines. Currently, BTC is testing the upper line of this channel, which has previously acted as a resistance point.

技术分析表明，在过去的几个月中，比特币一直在平行通道模式下进行交易。当资产在两个平行趋势线之间合并时，这种模式就会出现。目前，BTC正在测试该通道的上线，该通道先前已充当电阻点。

Several technical indicators suggest momentum might be stalling. The Relative Strength Index (RSI) shows divergence from the price action. While Bitcoin’s price has continued climbing, the RSI formed a smaller peak compared to its earlier high in the month. This type of divergence is often interpreted as a bearish signal.

几个技术指标表明势头可能会停滞不前。相对强度指数（RSI）显示出与价格动作的差异。尽管比特币的价格持续上涨，但与本月早期的高峰相比，RSI的高峰较小。这种类型的差异通常被解释为看跌信号。

The Moving Average Convergence/Divergence (MACD) indicator displays another concerning pattern. Recently, the MACD line dipped below the signal line, creating what traders consider a bearish crossover. This technical development adds to the cautious outlook for Bitcoin’s immediate price direction.

移动平均值收敛/差异（MACD）指示器显示了另一个有关模式的。最近，MACD线倾斜在信号线以下，创建了交易者认为看跌的交叉。这一技术发展增加了比特币立即价格方向的谨慎前景。

A Maturing Bull Market?

成熟的牛市？

Despite these warning signs, on-chain data from CryptoQuant suggests this rally may be healthier than previous bull runs. In past cycles, each new all-time high was typically accompanied by overheated funding rates and aggressive market buying volume, indicating short-term speculative excess.

尽管有这些警告信号，但来自加密素养的链链数据表明，这次集会可能比以前的公牛运行更健康。在过去的周期中，每个新的历史最高高位通常都伴随着过热的资金率和积极的市场购买量，这表明短期投机性过剩。

This time, however, funding rates remain moderate, and Binance’s buy volume is actually trending downward. While this might appear as weak momentum at first glance, it could indicate a more stable and sustainable rally.

但是，这次的资金率仍然温和，而二金的买入量实际上正在下降。虽然乍一看这可能是微弱的动力，但它可能表明一个更稳定和可持续的集会。

Buy volume has shown a steady uptrend since 2023, suggesting continued interest from long-term participants rather than short-term speculators. This underlying strength hints that Bitcoin still has room to grow if key support levels hold.

自2023年以来，购买量显示出稳定的上升趋势，这表明长期参与者而不是短期投机者的持续兴趣。这种潜在的强度暗示，如果钥匙支持水平保持，比特币仍然有增长的空间。

The cryptocurrency is currently battling key supply levels after a volatile weekend. The price briefly touched $107,000 before quickly retracing over 4% into lower demand zones. This sharp move triggered caution across the market, with many analysts now considering the possibility of a pullback.

在一个动荡的周末之后，加密货币目前正在与关键供应水平作斗争。该价格短暂触及了107,000美元，然后迅速将超过4％的人转回到较低的需求区域。这种急剧的举动引发了整个市场的谨慎，许多分析师现在正在考虑撤退的可能性。

Support and resistance levels have formed a tight range. On the 4-hour chart, Bitcoin is consolidating between $103,600 and $105,500, with visible support at $103,600—a level that has acted as a springboard for multiple bounces recently.

支撑和阻力水平已形成紧密的范围。在4小时的图表上，比特币的合并在103,600至105,500美元之间，可见的支持为103,600美元，这是最近多次弹跳的跳板。

The overall price structure suggests a potential breakout attempt, but failure to hold current levels could lead to a retest of the psychologically important $100,000 mark. Bulls must defend this zone to maintain the current bullish structure and avoid further downside.

总体价格结构表明潜在的突破性尝试，但是未能保持当前水平可能会导致重新测试至关重要的100,000美元。公牛必须捍卫这一区域，以维持当前的看涨结构并避免进一步的缺点。

Both the 200-period simple and exponential moving averages continue sloping upward, reflecting the strength of the ongoing uptrend. Bitcoin remains well above both indicators—the SMA near $96,600 and the EMA around $97,600—showing that the macro trend remains intact for now.

200个周期的简单和指数的移动平均值都在向上倾斜，这反映了正在进行的上升趋势的强度。比特币仍然远高于两个指标（SMA接近96,600美元，EMA约为97,600美元），表明宏观趋势目前保持不变。

Trading volume has declined slightly during this consolidation period, suggesting that traders are waiting for confirmation before positioning themselves. A breakout above local highs near $107,000 could open the door to price discovery and a run toward the all-time high near $109,000.

在此合并期间，交易量略有下降，表明交易者在定位之前正在等待确认。超过本地高点的突破近107,000美元可能打开了价格发现的大门，并朝着有史以来的高点接近109,000美元的奔跑。

However, if Bitcoin loses $103,600 support, bearish momentum could quickly build, potentially triggering a deeper correction.

但是，如果比特币损失了103,600美元的支持，看跌势头可能会迅速建立，可能会引发更深层次的校正。

The next few days will be decisive for Bitcoin’s short-term price action. With the cryptocurrency coiling for a major move, the market remains divided on whether to expect a breakout to new highs or a shakeout.

接下来的几天将对比特币的短期价格行动决定性。随着加密货币的重大行动，市场仍然分歧，因为是否期望突破新高点还是摇晃。

Bitcoin’s current price at $105,300 represents a critical juncture as it approaches the previous all-time high of $109,000.

比特币目前的价格为105,300美元，这是一个关键的关头，因为它接近了以前的109,000美元。