比特币（BTC）的价格约为103315美元，从本周早些时候的100000美元低于100000美元的短暂下跌。

据Microstrategy创始人迈克尔·赛勒（Michael Saylor）称，该资产朝着15万美元的努力下降，因为在最近的价格波动中，许多短期持有人都退出了。

Bitcoin (BTC) price is currently trading around $103,315, rebounding slightly from a brief dip below $100,000 earlier this week. As the asset stalls in its push toward $150,000, many short-term holders have exited during recent price swings, according to MicroStrategy founder Michael Saylor.

比特币（BTC）的价格目前的交易价格约为103,315美元，本周早些时候的简短下跌略低于100,000美元。据Microstrategy创始人迈克尔·赛勒（Michael Saylor）称，随着资产降低到150,000美元的推动，许多短期持有人在最近的价格波动中已退出。

Speaking on the Coin Stories podcast, Saylor described the current market action as a “rotation” — with short-term sellers stepping out and long-term ETF-backed buyers stepping in.

在在硬币故事播客上发表讲话时，塞勒将当前的市场行动描述为“轮换” - 短期卖家介入，并长期以来由ETF支持的买家介入。

Bitcoin Sell-Off Came From ‘Non-Economic’ Holders

比特币抛售来自“非经济”持有人

Bitcoin’s climb to a record high of $109,558 on Jan. 20 coincided with Donald Trump’s presidential inauguration. But the rally was short-lived. Prices dropped to $76,273 by Apr. 9 before reclaiming the $100,000 level in early May.

1月20日，比特币的攀登达到了109,558美元的创纪录，唐纳德·特朗普（Donald Trump）的总统就职典礼。但是集会是短暂的。到4月9日，价格下跌至76,273美元，然后在5月初收回了100,000美元的水平。

Saylor said that much of the recent selling pressure stemmed from investors without a “10-year mindset,” adding,

塞勒说，最近的许多销售压力源于投资者，没有“十年的心态”，并补充说

“A lot of Bitcoin, for whatever reason, was left in the hands of governments, lawyers, and bankruptcy trustees.”

“无论出于何种原因，许多比特币都留在政府，律师和破产受托人的手中。”

Many of these entities sold as BTC price rallied, viewing the recovery as a “good exit point to get liquidity,” he added.

他补充说，随着BTC价格集会而出售的许多实体将复苏视为“获得流动性的良好出口点”。

That activity, Saylor believes, temporarily capped upside momentum. “People less committed to the long term have taken the opportunity to exit,” he said.

塞勒认为，这项活动暂时限制了上升势头。他说：“长期致力于长期承诺的人已经借此机会退出。”

New Class of Investors Enters Amid ETF Demand

新的投资者进入ETF需求

Despite short-term exits, Saylor said a “new cohort of investors” is entering through exchange-traded funds and corporate treasuries. That trend aligns with ETF flow data.

尽管短期退出，但塞勒说，“新的投资者”正在通过交易所交易的资金和公司国库进入。这种趋势与ETF流数据保持一致。

Spot Bitcoin ETFs posted $564.7 million in inflows over the past five trading days, according to Farside data. Saylor’s firm, MicroStrategy, now holds 555,450 BTC, worth roughly $57.23 billion — 50.27% above its average purchase price of $68,569, per Saylor Tracker.

根据Farside数据，现货比特币ETF在过去五个交易日内出现了5.647亿美元的流入。 Saylor的公司MicroStrategy现在持有555,450 BTC，价值约572.3亿美元，高于其平均购买价格为68,569美元，每个Saylor Tracker。

Trump’s March 7 executive order to establish a Strategic Bitcoin Reserve signaled a possible institutional policy shift. While Saylor said he was not surprised the government has yet to buy Bitcoin directly, he did express surprise at how quickly sentiment flipped.

特朗普3月7日的行政命令建立战略性比特币储备表明可能发生了机构政策的转变。塞勒说，他对政府尚未直接购买比特币并不感到惊讶，但他确实对情绪迅速倒闭感到惊讶。

“I was surprised that the U.S. embraced Bitcoin as radically as it has,” Saylor said. He noted increased enthusiasm among Trump’s cabinet members.

塞勒说：“令我惊讶的是，美国对比特币的群体始终如一。”他指出，特朗普内阁成员的热情增加了。

Technical Pattern Points to $106K for BTC Price Before Larger Move Toward $132K

技术模式指向BTC价格的$ 106K，然后更大的速度向132K美元

Bitcoin (BTC) price is currently forming an ABCD harmonic pattern on the daily chart. This setup projects a potential breakout toward $106,562—the next area of resistance. A move beyond that level could extend to $132,580 based on harmonic projections.

比特币（BTC）价格当前在每日图表上形成ABCD谐波模式。该设置将可能突破106,562美元，这是下一个阻力区域。根据谐波预测，超出该水平的转变可能会延长至132,580美元。

Bitcoin's daily Relative Strength Index (RSI) stood at 75.23 on May 10, suggesting slightly overbought conditions. Still, bulls appear to maintain control, and the broader sentiment remains constructive as ETF inflows continue.

比特币的每日相对强度指数（RSI）在5月10日为75.23，表明条件略有过多。尽管如此，公牛似乎仍保持控制，并且随着ETF流入的继续，更广泛的情绪仍然具有建设性。

The harmonic structure suggests that if BTC price holds above the $100,000 mark and builds momentum, a retest of $132K could follow. This would mark a 28% rally from current levels and would likely bring Bitcoin closer to Saylor's Long-Standing $150K projection.

谐波结构表明，如果BTC价格的价格超过100,000美元并建立动力，则可以随后进行13.2万美元的重新测试。这将标志着当前水平的28％集会，可能会使比特币更接近Saylor长期以来的15万美元预测。

Rotation Could Build Foundation for Bitcoin's Next Leg Higher

旋转可能为比特币的下一个腿建立基础

While many traders are eyeing $106K as the next technical target, Saylor's focus remains on the bigger picture. He views the current environment as a foundational reset—one that clears out weak hands and brings in institutional capital with longer time horizons.

尽管许多交易者将10.6万美元作为下一个技术目标，但Saylor的重点仍然放在更大的情况下。他将当前的环境视为基础重置，它可以清除弱的手并在更长的时间内带来机构资本。

"The rotation is real…You’ve got governments and trustees exiting. Meanwhile, ETFs and treasuries are absorbing supply."

“轮换是真实的……您已经有政府和受托人退出。与此同时，ETF和国库正在吸收供应。”

With ETF participation increasing, a new type of buyer is entering the market—one with fewer incentives to flip short-term profits. If that trend continues, Bitcoin (BTC) price may gain the base it needs to move toward $150,000.

随着ETF参与的增加，一种新型的买家进入了市场，一个新的买家却少了倾向于短期利润的激励措施。如果这种趋势持续下去，比特币（BTC）的价格可能会获得其朝15万美元的基础。

Whether the next breakout occurs this quarter or later in the year, traders appear to be aligning around the same key levels: $106K, then $132K—and potentially $150K, if Saylor's rotation thesis plays out.

无论下一个突破是在本季度或今年晚些时候发生的，交易者似乎都在相同的关键水平上保持一致：10.6k美元，然后是13.2万美元，如果索勒的轮换论文的话，则可能是15万美元。