比特币（BTC）的价格上涨超过91,000美元，标志

比特币（BTC）的价格自一月以来一直处于持续的下降趋势，但4月22日的增长超过91,000美元，这是其年度最高的高级突破

Bitcoin (BTC) price broke above a crucial resistance zone and posted its first higher high pattern of the year on April 22, hinting at the potential start of a new longer-term uptrend.

比特币（BTC）的价格超过了关键的阻力区域，并于4月22日发布了其年度最高较高模式，这暗示了新的长期上升趋势的潜在开始。

BTC broke above the previous lower high and resistance at $88,500 and went on to hit highs of $91,000, setting its sights on the 2025 highs above $93,000.

BTC超过了以前的下部高点，阻力为88,500美元，并继续达到91,000美元的高点，将其目光投向了2025年的高点以上$ 93,000。

While the lack of buying pressure from lower cohorts and the strong selling pressure from ETFs at higher prices limited the upside potential, the US spot Bitcoin ETFs recorded total net inflows of $381 million on April 21—levels not seen since Jan. 30.

尽管缺乏从较低人群的购买压力以及以较高价格的ETF的强大销售压力限制了上升潜力，但美国现货比特币ETF在4月21日记录了3.81亿美元的总净流入量，自1月30日以来就没有看到。

Rising spot BTC inflows, along with Bitcoin’s increase in price, point to a possible resurgence in institutional demand for Bitcoin, and the change in trend from the ETFs could offset the selling pressure that has put a cap on BTC price for months.

BTC的上升景点以及比特币的价格上涨，表明对比特币的机构需求可能会复兴，而ETF的趋势变化可能会抵消数月几个月的BTC价格上涨的销售压力。

However, retail investor demand (buy volumes between $0 and 10,000) remained below 0%, which suggested that low volume buyers are not back yet. Over the past year, these investors have lagged behind BTC price breakouts, but they strengthen price momentum once the investor volume turns positive.

但是，散户投资者的需求（购买量在$ 0到10,000之间）仍低于0％，这表明低容量买家还没有回来。在过去的一年中，这些投资者落后于BTC的价格突破，但是一旦投资者的数量变为正面，它们就会增强价格势头。

CryptoQuant community manager Maartunn highlighted that the present rally is leverage-driven rather than spot volume-driven.

加密社区经理Maartunn强调，目前的集会是由杠杆驱动的，而不是以斑点量驱动的驱动。

“We're seeing a strong move in BTC price with significant buying pressure, mainly driven by derivatives traders. Considering the large sell-off pressure from ETFs at higher prices and the lack of buying pressure from lower cohorts, it's surprising that BTC managed to sustain this rally.”

“我们看到BTC价格的强劲动作，主要是由衍生品交易员驱动的很大的购买压力。考虑到ETF的巨大售罄压力以较高的价格销售压力，并且缺乏从较低人群的购买压力，这令人惊讶的是，BTC设法维持了这一集会。”

According to Glassnode data, Bitcoin futures open interest (OI) increased by $2.4 billion in less than 36 hours.

根据玻璃节数据，比特币期货开放兴趣（OI）在不到36小时内增加了24亿美元。

For Bitcoin price to sustain a strong position above $90,000, the current discrepancy between futures traders and retail traders needs to decrease.

为了使比特币价格保持在90,000美元以上的高昂地位，期货交易者与零售交易者之间的差异需要下降。

Bitcoin could gain “70% to 80% from here”

比特币可以从这里获得“ 70％至80％”

From a longer-term perspective, D'YOR crypto founder Hitesh Malviya said BTC could gain 70% to 80% if it manages to sustain a MVRV ratio of 2 for the next six weeks.

从长期的角度来看，D'Yor Crypto创始人Hitesh Malviya表示，如果在接下来的六周内，BTC设法维持2个MVRV比率，则BTC可以获得70％至80％。

The Market Value to Realized Value (MVRV) ratio, a key onchain metric, compares Bitcoin’s market cap to its realized cap—the value of coins at their last transaction price.

关键的OnChain度量标准的实现价值（MVRV）的市场价值将比特币的市值与已实现的上限进行了比较 - 硬币以其上一次交易价格的价值。

Historically, an MVRV above 3.7 often signals overvaluation and market tops, while values near 2 have preceded strong price rallies.

从历史上看，高于3.7的MVRV通常会信号高估和市场顶部，而价值观接近2的价值是在强劲的价格集会之前。

Bitcoin's MVRV score remained above 2 from October 2024 to February 2025, coinciding with its all-time high. Recently, the metric fell below 2 during the market correction, but it is now attempting to reclaim this key level.

从2024年10月至2025年2月，比特币的MVRV得分保持在2以上，与其历史最高的高度相吻合。最近，该指标在市场更正期间下跌低于2，但现在正试图恢复这一关键水平。