尽管有1.7亿美元的清算

比特币（BTC）的价格在5月19日的102,000美元支持水平上显示了实力，此前有1.7亿美元的杠杆头寸清算。

Bitcoin (BTC) price managed to keep its upward momentum despite $170 million in crypto liquidations and some bad news for MicroStrategy (MSTR) shares.

尽管有1.7亿美元的加密货币清算和微型股票（MSTR）股票的一些坏消息，但比特币（BTC）的价格仍然保持了上升势头。

The world’s largest cryptocurrency hit the $102,000 support level on May 19 after a triple whammy of macroeconomic risks, and an abrupt $5,000 correction from $107,090 may have been unexpected.

在宏观经济风险三重后，全球最大的加密货币在5月19日达到了102,000美元的支持水平，从107,090美元开始，突然进行5,000美元的更正可能是出乎意料的。

However, it does not necessarily diminish the chances of seeing new all-time highs in the near term, especially since Bitcoin derivatives metrics have shown resilience throughout the recent price swings.

但是，它不一定会减少在短期内看到新的历史最高高点的机会，尤其是因为比特币衍生品指标在最近的价格波动中显示出弹性。

What happened: Bitcoin’s annualized one-month futures premium remained elevated at around 6%, and it is currently at a neutral level of 5% to 10%, which has been the case for about a week now.

发生的事情：比特币的年度化一个月期货保费仍高于6％左右，目前的中性水平为5％至10％，现在已经大约一周了。

At first glance, one might say that there is a lack of optimism, but on the other hand, it shows that the buying pressure is coming more from the spot market.

乍一看，人们可能会说缺乏乐观情绪，但另一方面，它表明购买压力来自现货市场。

Some analysts are attributing Bitcoin’s correction to comments by Japan’s Minister Shigeru Ishiba on the country’s fiscal situation being “undoubtedly extremely poor,” as per Bloomberg.

一些分析师将比特币的更正归因于日本部长Shigeru Ishiba关于该国财政局势的评论，“毫无疑问是非常贫穷”，如彭博社所说的那样。

Yields on Japan’s long-term government bonds soared to their highest level in May 19 as traders demanded higher returns, signaling a lack of trust. Japan is the largest holder of U.S. Treasury bonds, so investors are worried about spillover risks at a delicate moment for the global economy.

由于交易者要求更高的回报，日本的长期政府债券的收益率飙升至5月19日的最高水平，这表明缺乏信任。日本是美国财政债券中最大的持有人，因此投资者担心全球经济的微妙时刻溢出风险。

This is especially pertinent as the ongoing trade war has severely limited the outlook for global growth, and it is pushing the world’s major economies into a technical recession.

这尤其相关，因为持续的贸易战严重限制了全球增长的前景，并且正在推动世界主要经济体进入技术衰退。

Another factor that could be limiting Bitcoin’s upside is a report by Moody’s rating agency cutting the U.S. government’s long-term credit rating to A1 from AAA.

可能限制比特币的上升空间的另一个因素是，穆迪评级机构将美国政府的长期信用评级降低至AAA的A1。

This is the first time since 1990 that the agency has downgraded the U.S. sovereign rating, and it is likely to have a significant impact on market sentiment.

自1990年以来，该机构首次将美国主权评级降低，这可能会对市场情绪产生重大影响。

It is also worth noting that Bitcoin’s correlation with the S&P 500 index has stayed above 80% since early May, which means that any bad news for the U.S. stock market could quickly spillover into the crypto sphere.

还值得注意的是，自5月初以来，比特币与标准普尔500指数的相关性一直保持在80％以上，这意味着美国股票市场的任何坏消息都可以迅速溢出到加密货币领域。

The impact of tariffs is still expected to be partially visible in second-quarter earnings reports, which could further dampen investor sentiment.

在第二季度收益报告中，预计关税的影响仍会部分可见，这可能会进一步削弱投资者的情绪。

To assess whether Bitcoin has what it takes to reach a new all-time high in the near term, it is crucial to analyze the demand for stablecoins in China.

为了评估比特币在短期内是否需要达到新的历史最高水平，分析中国稳定菌的需求至关重要。

Periods of excessive optimism usually lead to stablecoins trading above fair value, which is not a healthy indicator, especially as Bitcoin is now above $105,000. However, USD Tether (USDT) has been trading at a slight 0.4% discount in China.

过度乐观的时期通常会导致稳定的交易高于公允价值，这不是一个健康的指标，尤其是因为比特币现在超过105,000美元。但是，在中国，美元绳索（USDT）的交易价格略有0.4％。

This signals that Bitcoin’s recent price increase is not being driven by FOMO (fear of missing out) from retail traders in the world’s largest cryptocurrency market.

这表明比特币最近的价格上涨并不是由世界上最大的加密货币市场零售商人的FOMO（担心失踪）驱动。

Moreover, the lack of excessive leverage on Bitcoin futures and the limited use of futures leverage suggest that the current rally is sustainable.

此外，缺乏对比特币期货的过多杠杆作用以及未来杠杆的使用有限表明目前的集会是可持续的。

What else happened: Bitcoin’s price showed strength despite a class-action lawsuit being filed against MicroStrategy (NASDAQ:MSTR) executives for allegedly making “false and/or misleading statements.”

发生了什么事：尽管对MicroStrategy（NASDAQ：MSTR）高管提起集体诉讼，但比特币的价格表现出了实力。

The plaintiffs claim that Strategy executives failed to fully disclose the risks associated with Bitcoin’s investment and that they misled investors about the company’s financial condition.

原告声称，战略高管未能完全披露与比特币投资相关的风险，并且他们误导了投资者对公司的财务状况。

The complaint mentions unrealized losses on Bitcoin, although these events do not affect a company’s cash flow.

投诉提到了对比特币的未实现损失，尽管这些事件不会影响公司的现金流。

It is unclear whether this case has foundation, but usually, negative headlines have a much stronger and longer price impact in neutral to bearish markets. However, MSTR shares were up 2.4% on May 19.

目前尚不清楚此案是否具有基础，但通常，负面的头条新闻对中性市场的价格影响更高，价格更长。但是，MST的股票在5月19日上涨了2.4％。

The fact that the $102,000 support held amid increased global economic uncertainty, strong spot buying and resilient derivatives metrics provides every indication that Bitcoin is well-positioned for further price gains from here.

在全球经济不确定性，强劲的购买和弹性衍生品指标中，$ 102,000的支持持有的102,000美元支持提供了所有迹象，表明比特币位于此处，从这里获得了进一步的价格上涨。