比特币（BTC）连续第二天重新审视了$ 110,000的水平

比特币（BTC）在周二连续第二天重新审视了110,000美元的水平，似乎更高的收益更高

Bitcoin (BTC) touched the $110,000 mark for the second consecutive day on Tuesday, fueled by even larger gains among various altcoins.

比特币（BTC）在周二连续第二天触及了110,000美元的成绩，这是由于各种Altcoins之间的增长更大。

Despite this upward movement, a prevailing sense of caution and skepticism among traders suggests that the sustainability of this breakout remains in question.

尽管有这种向上的运动，但交易者中普遍的谨慎和怀疑的感觉表明，这种突破的可持续性仍然存在。

Bitcoin was trading just above $110,000 shortly after the close of U.S. stock markets on Tuesday, marking a gain of over 1% in the preceding 24 hours.

比特币周二结束后不久，比特币的交易刚刚超过110,000美元，标志着前24小时的增长超过1％。

The broader cryptocurrency market, as measured by the CoinDesk 20 index—which tracks the top 20 cryptocurrencies by market capitalization (excluding stablecoins, exchange coins, and memecoins)—had risen by a more significant 3.3% over the same period.

通过Coindesk 20指数衡量的更广泛的加密货币市场，该指数通过市值（不包括Stablecoins，Exchange Coins和Memecoins）追踪了前20个加密货币 - 在同一时期内较高的3.3％。

This broader rally was largely attributed to strong performances from major altcoins such as Ether (ETH), Solana (SOL), and Chainlink (LINK), all of which posted gains in the 5%-7% range.

这个更广泛的集会在很大程度上归因于主要山寨币，例如Ether（Eth），Solana（Sol）和Chainlink（link），所有这些表现都在5％-7％的范围内张贴。

The most impressive performances of the day, however, came from decentralized finance (DeFi) tokens Uniswap (UNI) and Aave (AAVE).

然而，当天最令人印象深刻的表演来自分散的金融（DEFI）令牌UNISWAP（UNI）和AAVE（AAVE）。

These tokens soared by a remarkable 24% and 13%, respectively.

这些令牌分别飙升了24％和13％。

This surge was reportedly prompted by optimistic comments regarding DeFi made by Securities and Exchange Commission (SEC) Chair Paul Atkins on Monday, which appeared to inject fresh enthusiasm into the DeFi sector.

据报道，这一激增是由周一证券交易委员会（SEC）主席保罗·阿特金斯（Paul Atkins）周一对Defi发表的乐观评论引起的，这似乎是向Defi行业注入新的热情。

In contrast, the traditional equity markets linked to cryptocurrency showed a more subdued picture, with most crypto stocks trading flat on the day.

相比之下，与加密货币相关的传统股票市场显示出更加柔和的图片，当天大多数加密股票的交易均张开。

A notable exception was Semler Scientific (SMLR), a company aiming to emulate MicroStrategy’s (MSTR) strategy of accumulating significant Bitcoin holdings.

Semler Scientific（SMLR）是一个值得注意的例外，该公司旨在模仿MicroStrategy（MSTR）积累大量比特币持有的策略。

Semler Scientific’s shares fell another 10% on Tuesday, with the stock now trading for less than the value of the Bitcoin on its balance sheet, highlighting the risks associated with such strategies.

Semler Scientific的股票在周二又下跌了10％，现在的股票交易量低于比特币在资产负债表上的价值，强调了与此类策略相关的风险。

Defensive posturing despite proximity to highs

防御性姿势尽管靠近高点

Despite Bitcoin’s recent gains and its proximity to previous all-time highs, positioning across cryptocurrency markets continues to reflect a largely defensive and cautious sentiment among traders.

尽管比特币最近的收益及其靠近以前的历史最高点，但在加密货币市场之间的定位仍然反映出交易者的防御性和谨慎感。

“Funding rates and other leverage proxies point toward a steadily cautious sentiment in the market,” Vetle Lunde, head of research at K33 Research, pointed out in a Tuesday report.

K33 Research的研究负责人Vetle Lunde在周二的报告中指出：“资金率和其他杠杆代理表明市场上的情绪稳定谨慎。”

“The broad risk appetite is remarkably weak, given that BTC is trading close to former all-time highs.”

“鉴于BTC的交易接近以前的历史最高点，因此广泛的风险食欲非常薄弱。”

This observation suggests that traders are not fully convinced of the rally’s strength and are hesitant to take on excessive risk.

该观察结果表明，交易者并没有完全相信集会的实力，并且不愿承担过度的风险。

Lunde further noted that Binance’s BTC perpetual swaps posted negative funding rates on multiple days last week, with the average annualized funding rate now sitting at just 1.3%.

伦德进一步指出，上周多天的BTC永久掉期交换率在几天内发布了负资金率，现在平均每年筹资率为1.3％。

This level, he explained, is typically associated with local market bottoms rather than tops.

他解释说，这个水平通常与本地市场底层而不是顶部有关。

“Bitcoin does not usually peak in environments with negative funding rates,” Lunde wrote, adding that past instances of such defensive positioning have more often preceded rallies than significant corrections.

伦德写道：“比特币通常不会在融资率负面的环境中达到顶峰。”他补充说，过去这种防御定位的实例比重大校正更常见于集会。

Flows into leveraged Bitcoin ETFs paint a similar picture of cautious engagement.

流入杠杆比特币ETF中，描绘了类似的谨慎参与图。

The ProShares 2x Bitcoin ETF (BITX) currently holds exposure equivalent to 52,435 BTC, which is well below its December 2023 peak of 76,755 BTC.

Proshares 2X比特币ETF（BITX）目前的接触量相当于52,435 BTC，远低于其2023年12月的76,755 BTC的峰值。

Inflows into such products remain muted.

流入此类产品的流入仍然存在。

According to Lunde, this defensive positioning, paradoxically, leaves room for a potential “healthy rally” in BTC to develop, as it suggests the market is not overly leveraged or euphoric.

根据伦德的说法，这种防御性位置自相矛盾地为BTC带来了潜在的“健康集会”的空间，因为这表明市场不会过于杠杆化或欣快。

Skepticism greets potential breakout

怀疑论打招呼潜在的突破

However, not all market watchers are convinced that the current price action signals the beginning of a sustainable upward trend.

但是，并非所有市场观察家都坚信当前的价格行动标志着可持续的上升趋势的开始。

Some analysts remain skeptical about the durability of any breakout above the $110,000 level.

一些分析师对超过110,000美元的任何突破的耐用性仍然持怀疑态度。

“Is this a true breakout that will continue? In my view, probably not,” said Kirill Kretov, senior automation expert at CoinPanel.

Coinpanel高级自动化专家Kirill Kretov说：“这是一个真正的突破吗？

More likely, it’s part of the same volatility cycle where we see a rally now, followed by a sharp drop triggered by a negative announcement or some other narrative shift.

更有可能是我们现在看到集会的同一波动率周期的一部分，其次是由负面公告或其他一些叙事转变触发的急剧下降。

According to Kretov, the current market environment favors experienced traders who are adept at navigating volatility-driven market structures.

根据克雷托夫（Kretov）的说法，当前的市场环境偏爱经验丰富的交易者，他们擅长于波动率驱动的市场结构。

From a technical perspective, he identifies Bitcoin’s next key support levels at $105,000 and $100,000.

从技术角度来看，他确定比特币的下一个主要支持水平为105,000美元和100,000美元。

These are zones that could be tested if selling pressure re-emerges and the current upward momentum falters.

如果销售压力重新出口和当前的向上动量造成销售，则可以测试这些区域。

The market now watches to see if Bitcoin can consolidate its gains and build a stronger foundation for a continued ascent, or if skepticism will be validated by a retreat from current levels.

现在，市场正在观察比特币是否可以巩固其收益并为继续上升的基础建立更强大的基础，或者是否会通过当前水平的撤退来验证怀疑论。