随着市场结构的变化，比特币（BTC）准备进入新的看涨阶段

在本周飙升至97,000美元的水平之后，比特币似乎正在进入新的看涨阶段。

After surging into the $97,000 level this week, Bitcoin appears to be entering a fresh bullish phase.

在本周飙升至97,000美元的水平之后，比特币似乎正在进入新的看涨阶段。

Following weeks of heightened volatility and persistent selling pressure, the market is beginning to shift its tone. Bulls are gaining momentum, and the broader crypto space is showing signs of renewed confidence as price action heats up.

随着几周的波动和持续销售压力的增强，市场开始改变其语调。公牛正在势头势头，更广泛的加密空间在价格动作加热时表现出重新信心的迹象。

Top analyst Axel Adler shared key insights, revealing that the return of the YoY True MVRV (Market Value to Realized Value) to positive territory marks a significant milestone in this cycle.

顶级分析师阿克塞尔·阿德勒（Axel Adler）分享了关键的见解，表明，Yoy True MVRV（市场价值对已实现的价值）的回报标志着这一周期中一个重要的里程碑。

This metric indicates that, on average, coins acquired over the past year are now held at a profit, with the current market price sitting above the average purchase price.

该指标表明，平均而言，过去一年中收购的硬币现在以盈利为单位，当前的市场价格超过平均购买价格。

This shift reduces the pressure from panic sellers, many of whom were previously underwater and looking to exit. Now, with realized profits increasing, there is less urgency to sell, which in turn supports price stability and builds momentum. As a result, investor confidence is rising, and a healthier market structure is forming.

这种转变减少了恐慌卖家的压力，其中许多以前在水下并希望退出。现在，随着实现利润的增加，销售的紧迫性较小，这反过来支持价格稳定并建立动力。结果，投资者的信心正在上升，并且正在形成更健康的市场结构。

If this trend continues, Bitcoin could be on the verge of a sustained move toward new all-time highs, signaling that the next leg of the bull market may have just begun.

如果这种趋势持续下去，比特币可能正处于朝着新的历史最高点的持续发展，这表明牛市的下一个领域可能才刚刚开始。

Bitcoin Holds Firm As Market Shifts Into Recovery Phase

随着市场转移到恢复阶段，比特币持有公司

Bitcoin is currently facing a critical challenge as it struggles to reclaim the psychologically important $100,000 level. Over the past two weeks, bulls have successfully pushed the price above key resistance zones such as $90,000 and $96,000, signaling renewed strength.

比特币目前正面临着一个关键的挑战，因为它难以收回心理上重要的$ 100,000水平。在过去的两个星期中，公牛成功将价格推高了关键的阻力区，例如90,000美元和96,000美元，这发出了启动的强度。

However, the momentum is being tempered by growing macroeconomic uncertainty, including persistent fears of a global recession and continued conflict between the US and China, two factors that heavily influence investor sentiment across all markets.

但是，宏观经济不确定性的日益严重，包括对全球衰退的持续担忧以及美国与中国之间的持续冲突，这一势头正在缓解势头，这有两个因素对所有市场的投资者情绪产生了严重影响。

Despite these concerns, Bitcoin’s on-chain metrics are flashing signs of a structural shift in market behavior. According to Axel Adler, the Year-over-Year True MVRV (Market Value to Realized Value) has returned to positive territory. This means that, on average, the current market price is now higher than the average price at which coins were acquired over the past year. As a result, most holders are in profit.

尽管有这些担忧，比特币的链链指标正在闪烁市场行为结构性转变的迹象。根据阿克塞尔·阿德勒（Axel Adler）的说法，同比的真实MVRV（已实现价值的市场价值）返回了积极的领土。这意味着，现在平均而言，目前的市场价格高于过去一年中获得的硬币的平均价格。结果，大多数持有人都在获利。

This change marks a crucial psychological turning point. The pressure from panic sellers is easing as fewer participants are motivated to lock in losses. Instead, we are seeing rising holder confidence and reduced sell-side activity. Adler notes that this transition often aligns with the start of a recovery phase and paves the way for more sustainable growth.

这种变化标志着至关重要的心理转折点。恐慌卖家的压力正在缓解，因为较少的参与者被激励陷入损失。取而代之的是，我们看到持有人的信心上升和卖方活动减少。阿德勒指出，这种过渡通常与恢复阶段的开始相吻合，并为更可持续的增长铺平了道路。

If this trend continues, the speculative premium will build gradually, setting the stage for a longer-term rally. In essence, the foundation for the next major move appears to be forming, and according to Adler, the most interesting part of this cycle may have just begun.

如果这种趋势继续下去，投机性溢价将逐渐建立，为长期集会奠定了基础。从本质上讲，下一步重大举动的基础似乎是在形成，根据阿德勒的说法，本周期中最有趣的部分可能才刚刚开始。

Technical Details: Price Holds Near $97K

技术详细信息：价格售价接近$ 97K

Bitcoin is currently trading at $96,800 after briefly pushing above the $97,000 level earlier in the session. While bulls have maintained control throughout the past week, they’re now showing signs of exhaustion as demand appears to be stalling around current prices.

比特币在会议较早的早些时候短暂地推高97,000美元之后，目前的交易价格为96,800美元。尽管在过去一周中，公牛队一直保持控制，但由于需求似乎围绕当前价格停滞不前，他们现在表现出疲惫的迹象。

Still, the price remains elevated, and momentum is building across the broader market as traders anticipate a potential breakout.

尽管如此，价格仍在上升，并且随着交易者预期的潜在突破，势头仍在整个更广阔的市场中发展。

To sustain the rally, BTC must hold above the $95,000 level, now acting as a key short-term support. A stable base here could provide the necessary fuel for a continued push toward the $100,000 psychological milestone, which would confirm a fresh bullish leg in this cycle.

为了维持集会，BTC必须保持高于$ 95,000的水平，现在是主要的短期支持。这里的稳定基础可以为继续推动100,000美元的心理里程碑提供必要的燃料，这将在此周期中证实新鲜的看涨腿。

However, if Bitcoin fails to hold $95K, short-term sentiment could shift quickly. A break below this level may open the door to a deeper retrace, with the next major support lying in the $88K–$90K zone. Given the high level of macroeconomic uncertainty and mixed signals across global markets, traders are likely to remain cautious heading into the weekend.

但是，如果比特币无法持有$ 95K，短期情绪可能会很快转移。低于此水平的休息可能会打开更深层的回溯大门，下一个主要支持位于$ 88K - $ 90K的区域中。鉴于全球市场上宏观经济的不确定性和混合信号的高水平，交易者可能会谨慎到周末。

For now, the focus remains on whether bulls can build enough momentum to breach $97K again and make a convincing move toward uncharted territory.

就目前而言，重点仍然放在公牛是否能够建立足够的动力来再次突破97,000美元，并令人信服地朝着未知的领土迈进。