比特币（BTC）公牛撤退，短期利润会加剧

自4月第二周以来，比特币公牛队最近出现了强烈的复出后退缩。有趣的是，销售压力的复兴突出了强调看跌条件的因素的融合。

Bitcoin bulls recently pulled back after staging a strong comeback since the second week of April. Interestingly, the resurgence of sell pressure highlights the convergence of factors underscoring bearish conditions.

自4月第二周以来，比特币公牛队最近出现了强烈的复出后退缩。有趣的是，销售压力的复兴突出了强调看跌条件的因素的融合。

For starters, Bitcoin did become overbought according to the RSI towards the end of April. But that’s not all. It entered into a Fibonacci retracement zone in the last week of April, raising the probability of a pullback.

对于初学者来说，根据RSI在4月底之前，比特币确实被过多地购买。但这不是全部。它在4月的最后一周进入了一个斐波那契回撤区，增加了回调的可能性。

However, price did manage to push above the Fibonacci retracement zone, paving the way for short liquidations. Nevertheless, the cryptocurrency ushered in the weekend with a 2.52% retracement since Friday.

但是，普莱斯确实设法超过了斐波那契回回区，为短清算铺平了道路。尽管如此，自周五以来，加密货币在周末以2.52％的回撤。

Bitcoin Bears Make a Comeback as Short-Term Profit-Taking Intensifies

比特币熊会卷土重来，因为短期盈利加剧

比特币熊会卷土重来，因为短期盈利加剧

Unsurprisingly, Bitcoin spot flows switched in favor of outflows in the last 2 days. Over $810 million worth of spot outflows were recorded in the last 2 days, confirming BTC’s pivot. This outcome was further confirmation of bearish momentum building up driven by short term profit-taking.

毫不奇怪，比特币斑点流在过去两天中转向流出。在过去的两天中，记录了价值超过8.1亿美元的现货流出，证实了BTC的枢纽。这一结果进一步证实了在短期利润驱动的驱动下，看跌势头积累。

Among the noteworthy observations in the last few days include Bitcoin exchange reserves leveling out. However, it did not indicate a large uptick.

在过去几天中，值得注意的观察包括比特币交换储量升级。但是，这并不表示大型上升。

At the same time, exchange inflows stood at 6,277 BTC at the time of observation, while exchange outflows were lower at 5,448 BTC. A clear sign that exchange inflows were notably higher than outflows, hence confirming more sell pressure than bullish momentum.

同时，观察时的交换流入为6,277 BTC，而交换流出率较低，为5,448 BTC。一个明显的迹象表明，交换流入率明显高于流出，因此确认了比看涨势头更大的卖出压力。

The BTC exchange flows were in alignment with spot flow data. Further investigation revealed that miner reserves also pivoted, meaning a sell pressure from the miner cohort also aided the bears.

BTC交换流与点流数据保持一致。进一步的调查表明，矿工储备也被枢纽了，这意味着矿工队列的销售压力也有助于熊。

Miners introduce new BTC supply into the market when they sell their holdings. Interestingly, miner reserves revealed that the same category offloaded a substantial amount of BTC in April. This is likely due to the pressures they faced to maintain the cost of mining operations as BTC prices faced extreme volatility and uncertainty.

矿工出售其持股时，将新的BTC供应介绍给了市场。有趣的是，矿工储备金显示，同一类别在4月卸载了大量BTC。这很可能是由于他们面临的压力是维持采矿业务的成本，因为BTC价格面临着极端的波动和不确定性。

Bitcoin miner reserves pivoted at the end of April, signaling the return of optimism. However, roughly $2.79 million worth of BTC flowed out of miner reserves in the last 2 days.

比特币矿工储备在4月底枢纽，这表明乐观的回报。但是，在过去的两天中，价值约279万美元的BTC从矿工储备中流出。

The outflows may reflect the current state of the market. While BTC has recovered substantially, the current market conditions suggested that a cloud of economic uncertainty still hovered above the hopes of a strong recovery. This may be in line with recent comments from BitMEX founder Arthur Hayes, further fueled that uncertainty.

流出可能反映市场的当前状态。尽管BTC已经大量恢复，但当前的市场状况表明，经济不确定性云仍然徘徊在强烈恢复的希望之上。这可能与Bitmex创始人Arthur Hayes的最新评论一致，这进一步加剧了这种不确定性。

Is the U.S Still Planning to Buy Bitcoin Any Time Soon?

美国是否仍计划尽快购买比特币？

美国是否仍计划尽快购买比特币？

Hayes has been a vocal Bitcoin proponent in recent times but he recently cast doubt on the prospects of the U.S adding more Bitcoin to its stockpile. According to the BitMEX founder, the probability of the U.S adding heavily buying more coins remains low especially due to the high national debt.

海斯最近一直是人声比特币的支持者，但他最近对美国的前景提出了怀疑，在其库存中增加了比特币。根据Bitmex创始人的说法，美国增加购买更多硬币的可能性仍然很低，尤其是由于国债高。

He also noted that the asset still has a cultural image that does not exactly the kind of asset class that the U.S government has been linked to. In other words, Hayes did not expect more money printing to support BTC purchases.

他还指出，该资产仍然具有文化形象，并不完全是美国政府与之相关的资产类别。换句话说，海耶斯并不希望更多的钱打印来支持BTC的购买。

President Trump’s pro-Bitcoin comments triggered high expectations that the U.S would soon start accumulating BTC. However, the current U.S administration has been heavily occupied with the realities of the economic challenges that emerged due to tariffs.

特朗普总统的亲甲币评论引发了人们对美国很快开始积累BTC的高度期望。但是，现任美国政府因关税引起的经济挑战的现实而被严重占领。

Bitcoin related matters have taken a back seat now that the U.S administration is focusing on more pressing matters. As a consequence, the expectations of robust liquidity inflows from the U.S government have cooled down.

现在，美国政府专注于更紧迫的问题，与比特币相关的事项已经倒退了。结果，美国政府对强大的流动性流入的期望降低了。

While that may be the situation, it is still worth noting that over 25 U.S states have filings aimed at allowing exposure to BTC through public funds. In other words, the ball is still rolling in favor of aggressive institutional inflows further down the road.

尽管情况可能是这种情况，但仍然值得注意的是，超过25个州的文件旨在允许通过公共资金接触BTC。换句话说，球仍在滚动，支持进一步的机构流入。