售价109,754美元后，比特币（BTC）价格下跌低于106,000美元

在达到109,754美元的纪录后，BTC迅速降至106,000美元的地区约3％。

Bitcoin (BTC) dropped from a record high of $109,754 to the $106,000 area as traders booked some gains from the rapid rally, while a U.S. treasury bond auction also had a knock-on effect on risk assets.

随着交易者预订了快速拉力赛的一些收益，比特币（BTC）从创纪录的109,754美元下降到了106,000美元的区域，而美国国债债券拍卖也对风险资产产生了竞争影响。

The world’s leading cryptocurrency was trading at about $107,000 at press time, having slid about 3% over the past 24 hours, according to CoinDesk's Bitcoin Price Index. It had risen to as high as $109,754 earlier in the day, before slipping back from the key $110,000 level.

根据Coindesk的比特币价格指数，全球领先的加密货币在发稿时的交易约为107,000美元，在过去的24小时内下滑了约3％。当天早些时候，它上升至109,754美元，然后从关键$ 110,000的水平退回。

Other cryptocurrencies also took a hit, with ether falling to the $88,000 area.

其他加密货币也受到了打击，以太货币降至88,000美元。

Bitcoin's price action may have been sparked by traders taking profits on the quick rise — bitcoin was higher by nearly 50% since bottoming about five weeks ago.

贸易商在快速上升时获得利润可能已经引发了比特币的价格行动 - 自从大约五个星期前，比特币增长了近50％。

But also likely contributing was the ripple effect of a U.S. treasury bond auction going awry and hitting risk assets. A sale of 20-Year bonds by the U.S. Treasury department saw weak demand, sending the yield on the 30-year Treasury spiking to 5.07%, its highest level in more than two years.

但也很可能是美国国库债券拍卖会出错并击中风险资产的连锁反应。美国财政部出售20年的债券的需求疲软，将30年的财政部提升的收益率提高到5.07％，这是两年多以上的最高水平。

The news saw the Nasdaq tumble 1.5% in just an hour. The S&P 500 declined 1.3%.

这一消息使纳斯达克在短短一个小时内就达到1.5％。标准普尔500指数下跌1.3％。

"This is a ticking time bomb, swept under the rug, "longtime fixed-income veteran turned bitcoin analyst Josh Mandell said, ahead of this afternoon's poor bond sale.

“这是一枚滴答tick弹的定时炸弹，在地毯下被扫除。”在今天下午的债券销售不佳之前，固定收入的老将转向比特币分析师乔什·曼德尔（Josh Mandell）说。

"We used to talk about the disaster that would ensue if ever there was a ‘MISSED AUCTION’ in 30-yr bonds. A missed auction means that there were not enough bids to cover the offering… Were it not for the Fed, we would be experiencing a failure to roll over bonds right now which leads to default."

“我们曾经谈论过，如果有30年的债券中有'错过拍卖'将会发生的灾难。错过的拍卖意味着没有足够的出价来覆盖产品……如果不是为了美联储，我们将遇到目前未能兑现债券的债券，这会导致违约。”

Kirill Kretov, trading automation expert at CoinPanel, said that liquidity from exchanges has been significantly removed since late 2024, "making the market thinner and more reactive," leaving bitcoin's price vulnerable to wild swings.

Coinpanel的贸易自动化专家Kirill Kretov表示，自2024年底以来，交流的流动性已被大大消除，“使市场更瘦，更具反应性”，使比特币的价格易受狂野摇摆。

"Structurally, there’s room for explosive upside," he said, but "a sharp correction can happen at any moment."

他说：“从结构上讲，有爆炸性的上升空间。

The $110,000 level has emerged as a key battleground in the current market structure, well-followed crypto trader Skew noted in an X post, describing it as the critical zone between a local high and a potential breakout point.

$ 110,000的水平已成为当前市场结构中的关键战场，在X帖子中指出，良好的加密货币交易员偏斜，将其描述为当地高点和潜在的突破点之间的关键区域。

According to Skew, there's a noticeable concentration of supply around this level, with Binance perpetuals showing a skewed ask-side order book and a buildup of short positions.

根据Skew的说法，在此级别上有明显集中的供应集中，而二心的永久性则显示出偏斜的问答订单订单书，并构成了短职位。

"All point to a huge amount of liquidity here, usually pivotal for the market," Skew said.

Skew说：“所有这些都指向这里大量的流动性，通常对市场关键。”