比特币（BTC）价格可能正在为抛售做准备

比特币继续成为大型资产中表现最好的人之一，过去一个月的价值攀升近25％。

Bitcoin continues to impress as one of the best performers among the large-cap assets, with its value climbing by nearly 25% in the past month. More outstandingly, the Bitcoin price has managed to stay above the six-figure valuation threshold despite the slow market conditions over the past week.

比特币继续成为大型资产中表现最好的人之一，过去一个月的价值攀升近25％。更遥不可及的是，尽管过去一周的市场状况缓慢，但比特币的价格仍然超过了六位数的估值门槛。

After a few weeks of strong bullish action, the flagship cryptocurrency seems to have settled within the $102,000 – $105,000 consolidation range. Despite market-wide shouts of reclaiming its all-time high, the Bitcoin price seems to be currently facing some degree of indecision amongst investors.

经过几周的强烈看涨行动，旗舰加密货币似乎已经定居在102,000美元至105,000美元的合并范围内。尽管在整个市场上恢复了其历史最高水平，但比特币价格目前似乎面临着一定程度的投资者。

BTC Price Might Be Preparing For A Sell-Off

BTC价格可能正在准备抛售

In a May 16 post on the social media platform X, on-chain analytics firm Alphractal explained that the Bitcoin price is at a juncture, which could be critical to its future trajectory. This on-chain evaluation is based on the Long-Term Realized Cap Impulse, a metric that measures the growth rate of the realized capitalization of long-term holders.

在5月16日的社交媒体平台X上的一篇文章中，链上分析公司Alphractal解释说，比特币价格正处于关头，这对于其未来的轨迹至关重要。这种链上的评估基于长期实现的CAP IMPULSE，该指标衡量了长期持有人已实现的资本化的增长率。

For clarity, a positive value for the Long-Term Realized Cap Impulse signals that long-term investors are purchasing more BTC at a higher value. This trend is typically indicative of a bullish period or the start of a bull market when long-term holders are in accumulation mode.

为了清楚起见，长期实现的CAP IMPULSE信号的积极价值表明，长期投资者正在以更高的价值购买更多的BTC。这种趋势通常表示看涨时期或牛市的开始时，长期持有人处于积累模式。

On the other hand, when the Long-Term Realized Cap Impulse metric is negative, it implies that long-term holders are offloading their coins at prices lower than their cost bases. This is usually seen in late bull cycles and early bear markets, where long-term investors are distributing their assets.

另一方面，当长期实现的CAP IMPULSE指标为负时，这意味着长期持有人以低于成本基础的价格将硬币卸载。这通常在晚期的牛周期和早期熊市中可以看出，那里的长期投资者正在分配其资产。

Furthermore, the Long-Term Realized Cap Impulse indicator offers insights into Bitcoin’s supply and demand dynamics, highlighting major support and resistance zones. As shown in the chart provided by Alphractal, the Bitcoin price is at a critical point marked by a horizontal line known as the indecision level.

此外，长期实现的CAP IMPULSE指标提供了对比特币供求动态的见解，突出了主要的支撑和阻力区域。如Alphractal提供的图表所示，比特币价格在一个临界点上，标有一条称为犹豫不决水平的水平线。

The market intelligence firm noted that a breakout of the Long-Term Realized Cap Impulse metric from this level could prove pivotal to Bitcoin’s long-term health, signaling continued strong demand and potential price appreciation.

这家市场情报公司指出，从该水平的长期实现的CAP IMPULSE指标的突破可能证明对比特币的长期健康关键，信号持续强劲的需求和潜在的价格升值。

However, Alphractal attached a historical relevance to this level, noting that the Long-Term Realized Cap Impulse metric was rejected at the indecision zone just before the COVID-19 dump in March 2020. If historical precedent is anything to go by, investors might want to watch out for any rejection around this level, which may trigger a significant sell-off.

但是，字母与该级别相关的历史相关性，并指出，长期实现的上限脉冲脉冲指标在2020年3月在Covid-19垃圾场之前被拒绝，在2020年3月的犹豫不决区域被拒绝。如果要采取任何历史先例，投资者可能希望注意此水平上的任何拒绝，这可能会引起重大的抛售。

Bitcoin Price At A Glance

比特币价格一目了然