在短暂触及多个月的高点之后

在4月下旬急剧垂直的举动之后，尽管支持性宏观和链链信号，但世界上最大的加密货币现在正固结在90,000美元以上，表现出疲惫。

Bitcoin (BTC) price struggled to extend its rally above $104,000 on Friday, as the world’s largest cryptocurrency showed signs of exhaustion after a sharp vertical move in late April.

比特币（BTC）的价格在周五努力将其集会延长至104,000美元以上，因为全球最大的加密货币在4月下旬急剧垂直行动后表现出疲惫的迹象。

The cryptocurrency is now consolidating just above the $102,000 mark, with key technical levels and on-chain trends suggesting that the broader uptrend remains intact despite the minor setback.

现在，加密货币正固结在102,000美元以上，其关键技术水平和链趋势表明，尽管遇到了少量的挫折，但更广泛的上升趋势仍然完好无损。

One factor that appears to have contributed to the recent cooling in Bitcoin price is selling pressure from miners. The Miners’ Position Index (MPI), an on-chain indicator that tracks miner outflows relative to their one-year average, spiked above 2.0 in early May.

似乎有助于比特币价格冷却的一个因素是矿工出售压力。矿工的位置指数（MPI），这是一个链链指标，跟踪矿工相对于其一年平均水平的流出，5月初高于2.0。

Historically, MPI values above 2.0 have been associated with distribution events, and past instances of similar spikes in MPI coincided with local price pullbacks. For example, in late February and early March, large outflows from miners corresponded with a drop in Bitcoin price from the $84,000 to handle the $70,000 support.

从历史上看，MPI值超过2.0与分销事件有关，过去MPI中类似峰值的实例与当地价格下跌相吻合。例如，在2月下旬和3月初，矿工的大量流出与比特币价格从84,000美元下降，以处理70,000美元的支持。

This renewed activity from miners suggests that operators may be securing some profits as Bitcoin hovers near cycle highs, which could be putting some pressure on bullish momentum.

矿工的这种新活动表明，随着比特币徘徊在循环高点附近，运营商可能会获得一些利润，这可能会对看涨的势头施加一定的压力。

At the same time, macroeconomic conditions continue to improve, which could help sustain the crypto's rally. A trade agreement between the U.S. and China, announced on Friday, sparked a broad recovery across risk assets.

同时，宏观经济状况继续改善，这可以帮助维持加密货币的集会。周五宣布，美国与中国之间的贸易协定引发了风险资产的广泛复苏。

The S&P 500 gained over 3% on the news, while major European and Asian equities also rose sharply. This easing of global trade tensions bodes well for institutional appetite for Bitcoin, which is evident in sustained ETF inflows and shrinking exchange reserves.

标准普尔500指数上涨了3％以上，而欧洲和亚洲主要股票也急剧上升。全球贸易紧张局势的缓解非常适合比特币的机构需求，这在持续的ETF流入和缩小的交换储备中很明显。

Despite the short-term pressure from miner selling and the technical resistance at $104,000, the broader trend for Bitcoin remains constructive. On-chain metrics such as realized price and long-term holder behavior suggest that the rally is being driven by structural demand, not speculative excess.

尽管矿工出售的短期压力和104,000美元的技术抵抗力，但比特币的更广泛趋势仍然建设性。诸如实现价格和长期持有人行为之类的链链指标表明，集会是由结构性需求而不是投机性过剩驱动的。

This stands in contrast to the crypto bull market of 2021, which was characterized by extreme levels of on-chain derivatives activity and leveraged products, setting the stage for a volatile and risky market.

这与2021年的加密牛市形成鲜明对比，该市场的特点是极端的链衍生物活动和杠杆产品，为易变和风险的市场奠定了基础。