随着测试宏观周的发展，比特币（BTC）弹回了新鲜的历史最高点。

BTC价格动作降至107,000美元以下，然后反弹到每周结束时，有些人热切期待新的纪录高点。

Bitcoin (BTC) traders are eyeing a return to all-time highs as a testing macro week gets underway.

随着测试宏观周的进行，比特币（BTC）交易者正在关注返回历史新高。

BTC/USD dipped below the $107,000 support on Friday before a rebound ultimately took the pair above the $110,000 mark as the May 25 weekly candle closed.

周五，BTC/USD跌至107,000美元的支持下，随着5月25日每周蜡烛关闭，反弹最终使这对超过了110,000美元。

Old all-time highs from January are now a key area of interest as the week progresses.

随着一周的发展，一月份的旧历史高潮现在已成为关键领域。

Commentator Daan Crypto Trades argued that despite the last-minute recovery, Bitcoin needed a more convincing close to seal the likelihood of further gains next.

评论员Daan Crypto交易辩称，尽管恢复了最后一刻，比特币仍需要更具说服力的接近，以封印接下来的进一步收益。

The weekly candle closed at $109,100, according to data from Cointelegraph Markets Pro and TradingView — around $2,000 below the January high.

根据CoIntelegraph Markets Pro和TradingView的数据，每周的蜡烛收于109,100美元，低于一月份高点约2,000美元。

“Not a great looking weekly candle for an all-time high break. Generally, you want to see strong continuation especially considering the ~ $2B+ in ETF inflows that came in since breaching that previous high,” he told X followers in one of his latest posts.

他在他的最新帖子之一中对X追随者说：“在有史以来，每周都不是一只漂亮的每周蜡烛。通常，您希望看到强劲的延续，尤其是考虑到自违反以前的高点以来的ETF流入中的约2b+ $ 2b+。”

Forecasting an “interesting week,” Daan Crypto Trades referenced the ongoing popularity of the US spot Bitcoin exchange-traded funds (ETFs), which last week took in $2.75 billion.

Daan Crypto预测“有趣的一周”，提到了美国现货比特币交易所交易基金（ETF）的持续流行，上周收入了27.5亿美元。

“$BTC is forming a bullish pennant here.It bounced back nicely from the support level, which is a good sign.Despite $1B long position closing and low liquidity volume, bears didn't take BTC down.I think the next week will be good for BTC.I can smell a new ATH again.”

“ $ btc在这里形成一个看涨的三角旗。它从支撑级别上弹回了好的迹象，这是一个很好的迹象。尽管$ 1B的$ 1B长位置关闭且流动性低，但熊没有将BTC倒下。我认为下周对BTC会有好处。我可以再次闻到新的Ath Ath。”

Others had new record highs in sight thanks to price action reversing upward at just below $107,000.

由于价格行动的上升速度刚刚低于107,000美元，其他人的新纪录高点。

“$BTC has completed the breakout. Now it's about follow-through,” fellow trader BitBull summarized.

“ $ BTC已经完成了突破。现在，这是关于后续的，”其他商人Bitbull总结道。

Bond yields meet PCE in tough macro week

债券收益率在艰难的宏观周中与PCE相遇

The week’s US macroeconomic data prints will see the Personal Consumption Expenditures (PCE) Index come into focus as the threat of rising interest rates continues.

本周的美国宏观经济数据印刷将看到个人消费支出（PCE）指数焦点，因为利率上升的威胁仍在继续。

The PCE, which is the Federal Reserve’s “preferred” inflation gauge, is due for April on Monday, May 29, and will be joined by initial jobless claims.

PCE是美联储的“首选”通货膨胀量表，将于5月29日星期一于4月举行，并将与最初的失业索赔一起加入。

These follow the first revision of Q1 GDP, while in the background, rising bond yields are continuing to cause concern. Last week saw President Trump threaten 50% trade tariffs on the EU, which appeared to worsen the situation.

这些遵循第1季度GDP的首次修订，而在背景中，债券收益率上升仍引起人们的关注。上周，特朗普总统威胁到欧盟的50％的贸易关税，这似乎使情况恶化。

“It’s like clockwork: President Trump delays 50% EU tariffs until July 9th. Then, the 10Y Note Yield instantly rises back above 4.55%,” trading resource The Kobeissi Letter wrote in an X thread on the topic.

“这就像发条：特朗普总统将欧盟的关税延迟至7月9日。然后，10年的票据产量立即上升到4.55％以上，” Kobeissi信件交易资源在该主题的X线程中写道。

Kobeissi described the threat of higher interest rates as Trump’s “biggest problem,” and ultimately saw a lethal combination of trade deals and high benchmark interest rates.

Kobeissi将较高利率的威胁描述为特朗普的“最大问题”，并最终看到了贸易交易和高基准利率的致命结合。

“The Fed refuses to cut rates and trade deals are driving yields higher,” it summarized.

它总结说：“美联储拒绝降低利率，贸易交易的推动收益率更高。”

The minutes of the Fed’s May meeting, at which officials decided to hold rates at current levels, will also be released this week.

美联储5月会议的会议纪要，官员决定以当前水平持有利率，也将在本周发布。

The latest data from CME Group’s FedWatch Tool shows subdued market expectations of a rate cut this year, with no such action anticipated before the Fed’s September meeting.

CME Group的FedWatch工具的最新数据表明，今年降低税率的市场期望柔和，未在美联储9月会议之前采取这种行动。

Exchange flash ‘bearish’ momentum signal

交换闪光灯“看跌”动量信号

One element of the market that is flashing bearish signals as the week begins is activity in exchange order books.

随着一周的开始，市场的一个要素是闪烁的看跌信号，这是汇票中的活动。

In coverage of the taker buy/sell ratio, onchain analytics platform CryptoQuant announced a “strong bearish” trajectory as both buyers and sellers wound down activity.

在覆盖Taker的买卖比率时，OnChain Analytics平台加密量牌宣布了“强大的看跌”轨迹，因为买卖者和卖家都削弱了活动。

“Across centralized exchanges (CEXs), both taker buy and taker short volumes have dropped significantly,” contributor Crazzyblockk wrote in one of its “Quicktake” blog posts.

撰稿人Crazzyblockk在其“ QuickTake”博客文章之一中写道：“在集中式交流（CEXS）中，Taker Buy和Taker Short量都大大减少了。”

The taker buy/sell ratio tracks the ratio of buy to sell volume across takers during perpetual swap trades, and on Friday, May 25, it slid below the key level of 1 for the first time since early April.

Taker的买卖比率跟踪了永久交易期间的买卖量的买入比率，并且在5月25日星期五，自4月初以来首次滑行的关键水平低于1的关键水平。

This, Crazzyblockk concludes, is a sign that sellers are “beginning to dominate.”

Crazzyblockk得出结论，这表明卖家“开始占主导地位”。

“Simultaneously, 7-day price volatility is spiking, a typical signal of market inflection zones,” the blog post continued.

博客文章继续说：“同时，7天的价格波动率是峰值，这是市场拐角区的典型信号。”

Before last week’s macro-driven price retreat, Cointelegraph reported on how the same taker data was conversely implying a fresh round of upside thanks to persistent buying pressure.

在上周的宏观驱动价格撤退之前，Cointelegraph报道了相同的收集器数据如何暗示着由于持续的购买压力，这意味着新一轮的上升空间。

"The heating up of the market is evident in the decreasing volume of both buyers and sellers in the past week. As a result, the CEX taker buy/sell ratio has fallen below 1 today for the first time since early April. This indicates that sellers are beginning to dominate.

“在过去一周的买卖双方的数量下降中，市场的加热是显而易见的。因此，自4月初以来，今天的CEX Taker买卖比率在今天的首次下降到1。这表明卖方开始占主导地位。

Simultaneously, 7-day price volatility is spiking, a typical signal of market inflection zones. This aligns with the strong potential for a decisive move in either direction." - Crazzyblockk

同时，7天的价格波动率是尖峰，这是市场拐角区域的典型信号。这与朝任一方向果断行动的强大潜力保持一致。”