比特币（BTC）价格达到了新的历史最高高点111,970美元，回收到$ 110,700

比特币达到了新的$ 111,970

Key takeaways:

关键要点：

Bitcoin (BTC) hit a new all-time high of $111,970 on May 22.

比特币（BTC）在5月22日达到了111,970美元的新历史最高点。

After a slight retracement, BTC is currently trading at $110,700.

经过略有回调后，BTC目前的交易价格为110,700美元。

Despite the new highs, analysts at CryptoQuant see mixed signals on market overheating in terms of funding rates and other metrics.

尽管有新的高点，但CryptoQuant的分析师仍会在资金率和其他指标方面过热市场上的混合信号。

Bitcoin price rose to a new all-time high of $111,970 on May 22, but it pulled back to $110,700 at the time of writing.

5月22日，比特币价格上涨至新历史最高点111,970美元，但在撰写本文时却降至110,700美元。

After hitting a new all-time high, it is normal to see some retracement as traders take profit and adjust their positions. However, there are mixed signals on whether the price rally is overheated or whether this is a healthy pullback.

在达到新的历史最高水平之后，通常会看到一些回溯，因为交易者赚钱并调整其头寸。但是，关于价格集会是否过热或这是健康的回调，有不同的信号。

Bitcoin is still not ‘overheated’ — analyst

比特币仍然没有“过热” - 分析师

Bitcoin is not showing any signs of being overheated despite hitting new all-time highs this week, with several analysts pointing to fundamentals that suggest Bitcoin could rise further.

尽管本周达到了新的历史新高，但比特币并未显示出任何过热的迹象，其中几位分析师指出基本面表明比特币可能会进一步上升。

“Overheating indicators such as the funding rate and short-term capital inflow remain low compared to previous peaks, and profit-taking by short-term investors is limited,” said CryptoQuant analyst Crypto Dan in a May 22 Quicktake note.

CryptoQuant分析师Crypto Dan在5月22日的QuickTake Note中说：“与以前的高峰相比，筹资率和短期资本流入等过热指标仍然很低，而短期投资者的利润有限。”

Crypto Dan noted that Bitcoin’s funding rate, an indicator of market over-engagement, shows an increase in long bets. But these bets “remain much smaller compared to previous peaks,” suggesting “futures market overheating is negligible.”

加密丹（Crypto Dan）指出，比特币的资金率是市场过度参与的指标，显示出长期赌注的增加。但是，这些赌注“与以前的高峰相比，这些赌注要小得多”，这表明“期货市场过热是可以忽略的”。

A spike in Bitcoin funding rates can sometimes cause worry among market participants about increased Bitcoin volatility and liquidation risks.

比特币融资率的高峰有时会导致市场参与者对比特币波动增加和清算风险的增加。

Still, the funding rates are moderately positive, signaling that traders are optimistic about Bitcoin’s price and buyers are willing to pay sellers a fee to keep their positions.

尽管如此，资金率还是中等积极的，表明交易者对比特币的价格乐观，买家愿意向卖方支付费用以保持其头寸。

Meanwhile, the short-term holder (STH) Spent Output Profit Ratio (SOPR) metric reveals that despite STHs returning to profit, few have taken profits during the recent rise.

同时，短期持有人（STH）支出的产出利润率（SOPR）指标表明，尽管STH恢复了利润，但在最近的增长期间很少有利润。

This indicator is currently valued at 1.02%, suggesting that STHs are realizing some profits at much lower rates.

该指标目前的价值为1.02％，表明STH以低得多的利润意识到了一些利润。

“In March 2024, there was significant profit-taking and a prolonged correction, but currently, profit-taking is much lower than in November 2024,” the analyst explained, adding that despite the price at all-time highs, whales’ profit-taking activity remains relatively subdued.

分析师解释说：“在2024年3月，有大量的盈利和延长的更正，但目前的利润比2024年11月要低得多。”

CryptoQuant’s Crypto Dan expected Bitcoin to continue rising higher, noting:

CryptoFant的加密货币丹预计比特币将继续上升，并指出：

“Considering the macroeconomic environment, there are no major concerns at present, and Bitcoin is not showing any signs of overheating.”

“考虑到宏观经济环境，目前尚无主要问题，比特币没有显示出任何过热的迹象。”

Bitcoin MVRV Z-score surges

比特币MVRV z得分潮

Meanwhile, Bitcoin’s MVRV Z-score value — a metric that compares BTC’s market value to its realized value and adjusts for volatility — has seen a notable surge over the last month.

同时，比特币的MVRV Z分数价值（将BTC的市场价值与其实现价值进行比较并调整波动性的指标 - 在上个月中有了显着的激增。

Historically, all previous Bitcoin bull runs started with a notable surge in MVRV Z-score and ended with the metric entering the red zone to signal that Bitcoin is significantly overvalued.

从历史上看，所有以前的比特币公牛跑步都始于MVRV Z分数的显着增长，并以指标进入红色区域的指示表明比特币被大大高估了。

At 2.8, the MVRV Z-score is still significantly below the red zone, suggesting that the market top is not yet in.

在2.8时，MVRV Z分数仍显着低于红色区域，这表明市场顶部尚未进入。

Bitcoin's RSI entering ‘exhaustion’

比特币的RSI进入“疲惫”

Bitcoin's relative strength index, or RSI, displays overbought conditions in two out of five timeframes. Bitcoin’s RSI is now at 70 in the 12-hour timeframe and 75 on the daily chart. Other intervals show near-oversold RSI values on the weekly and four-hour timeframes.

比特币的相对强度指数（RSI）在五个时期中的两个时间范围内显示了过多的条件。比特币的RSI现在在12小时的时间范围内为70，在每日图表中为75。其他间隔显示每周和四个小时的时间范围内的重叠式RSI值。

Data from TradingView shows BTC’s RSI at 75, 71, 68 and 66 on daily, 12-hour, weekly and four-hour timeframes, respectively.

TradingView的数据显示，BTC的RSI分别为75、71、68和66，分别为每天，12小时，每周和四个小时的时间范围。