比特币（BTC）价格再次下跌100,000美元，但这次市场看起来不同

比特币的回报率高于100,00美元的水平，已将新能源注入了更广泛的加密市场。这是比特币首次统治

Bitcoin is back trading above the psychological $100,000 price level like it never left. After months of declines, the leading cryptocurrency has reclaimed $100,000 for the first time since January, and the crypto Fear and Greed Index is now back into the greed threshold.

比特币又回到了超过心理价值100,000美元的价格水平的交易。经过几个月的下降，领先的加密货币自一月以来首次收回了100,000美元，而加密货币的恐惧和贪婪指数现在又回到了贪婪的门槛上。

Interestingly, this break above $100,000 also comes with the Bitcoin dominance above the 60% threshold. This is the first time Bitcoin dominance is breaking above $100,000 with such dominance over the market, which lends weight to the sustainability of the current rally.

有趣的是，这次突破超过100,000美元，比特币优势高于60％的门槛。这是比特币优势第一次打破100,000美元以上，并且在市场上如此优势，这使当前集会的可持续性赋予了权重。

Bitcoin Price Breaks $100,000 Again, But This Time The Market Looks Different

比特币的价格再次下跌100,000美元，但这次市场看起来不同

Bitcoin’s return above the $100,000 level has injected new energy into the broader crypto market, following several weeks of price stagnation and market hesitation. After enduring a drawn-out phase of correction and sideways movement, the leading cryptocurrency has now managed to clear several resistance zones in the past week, though a few more stand in the way before new all-time highs above $109,000 can be established.

在价格停滞和市场犹豫了几周之后，比特币的回报率高于100,000美元的水平，将新能源注入了更广泛的加密市场。在经历了矫正和侧向运动的阶段之后，领先的加密货币现在在过去一周中设法清除了几个阻力区，尽管在建立新的历史高点之前，还可以建立更多的距离。

It’s easy to assume that Spot Bitcoin ETFs are solely responsible for the current rally, but the data suggests otherwise. Inflows into these ETFs have averaged just $129 million over the past two days, which is a relatively small figure compared to the $700 million-plus inflows seen daily during Bitcoin’s last push past $100,000 in January. Rather than being powered by ETF activity alone, the current surge is a combination of macroeconomic developments and market-specific shifts that have converged over the past few weeks to support the upward price momentum.

很容易假设现场比特币ETF对当前的集会负责，但数据建议。在过去的两天中，流入这些ETF的流入仅为1.29亿美元，这是一个相对较小的数字，而比特币在一月份的最后一次推销中每天看到的7亿美元以上的流入。当前的激增不是仅由ETF活动提供动力，而是宏观经济发展和特定于市场的转变的结合，这些变化在过去几周中融合了，以支持向上的价格势头。

A significant contributor to the improved sentiment is the U.S.-U.K. trade agreement announced on May 8, 2025. President Donald Trump and Prime Minister Keir Starmer introduced a new deal that keeps the 10% U.S. tariff on British imports intact while the U.K. lowers its own tariffs to 1.8% and expands access to American goods. This agreement has cooled what had been growing investor anxiety. The fear of escalating tariffs had previously helped push Bitcoin down to a low of $74,000 in early April. Now, with tensions easing, capital is flowing back into risk assets, giving Bitcoin an added push at a crucial moment.

改善情绪的重要贡献是2025年5月8日宣布的《美国无国界贸易协定》。唐纳德·特朗普总统和总理凯尔·斯特默（Keir Starmer）提出了一项新协议，使美国对英国进口的10％关税保持完整，而英国则将其自身的关税降低到1.8％，并扩大了对美国商品的访问。该协议使投资者的焦虑越来越大。对关税升级的恐惧此前曾在4月初将比特币降至74,000美元。现在，随着紧张局势的缓解，资本正在返回风险资产，使比特币在关键时刻增加了推动力。

Is BTC’s Rally Above $100,000 Sustainable?

BTC的拉力赛是否超过100,000美元可持续发展？

Compared to previous surges past six figures, this rally is unfolding under notably different market conditions. One of the clearest differences is Bitcoin’s dominance, which now sits above 60%.

与以前的六个数字相比，这次集会在明显不同的市场条件下展开。最明显的差异之一是比特币的统治地位，现在位于60％以上。

This level of dominance points to a stronger structural support beneath the price action. As noted by crypto analyst Rekt Capital, there’s a possibility that the Bitcoin dominance will continue to 71% over time.

这种统治水平表明，在价格行动下，更强大的结构支持。正如加密分析师Rekt Capital所指出的那样，随着时间的推移，比特币优势将继续达到71％。

On-chain data further strengthens the case for the sustainability of the current rally. Exchange balances have been declining for a while, which has contributed to the current uptrend. This trend is matched by stablecoin inflows into exchanges, which typically precede buying activity.

链上数据进一步加强了当前集会的可持续性的案例。交流余额已经下降了一段时间，这导致了当前的上升趋势。这种趋势与稳定的交换相匹配，该交换通常在购买活动之前。

At the time of writing, Bitcoin is trading at $102,900, with an intraday high of $103,890. This puts it at 5.7% way from reclaiming its January all-time high of $108,780. According to glassnode data, about 3 million BTC have returned to a state of profit between April’s low of $74,000 and the current price action.

在撰写本文时，比特币的交易价格为102,900美元，日内高点为103,890美元。这使其与收回其一月份有史以来108,780美元的历史最高点相距5.7％。根据GlassNode数据，大约300万BTC在4月的74,000美元和当前的价格行动之间恢复了利润状态。