随着短期持有人分发硬币

轻微的回调被描述为坚实的校正，公牛寻求短期支持。即使有宏观不确定性和美国国库产量提高

Bitcoin recently set a new all-time high at about $112,000 before pulling back somewhat to about $107,000. This slight pullback is described by Alphractal Post as a solid correction, with bulls now looking for short-term support. Even with macro uncertainty and elevated U.S. Treasury yields, bullish sentiment throughout the crypto universe remains optimistic and resilient.

比特币最近将历史新高的新高点设定为约112,000美元，然后退回到约107,000美元。这种轻微的回调被字母邮政描述为坚实的校正，而公牛现在正在寻求短期支持。即使宏观不确定性和美国国库产量提高，整个加密货币宇宙中的看涨情绪仍然保持乐观和韧性。

This analysis sheds light on how STH Realized Price has shifted during Bitcoin’s surge. At present levels, STHs are distributing coins more aggressively, especially compared to the period when prices were ranging between $60,000 and $80,000.

该分析阐明了STH在比特币激增期间实现价格的变化。目前，STH对硬币进行更积极的分配，尤其是与价格在60,000美元至80,000美元之间的时期相比。

Chart of STH Realized Price. Source: Alphractal Post

STH图表实现了价格。资料来源：字母帖子

Historically, such increased distribution usually occurs during market peaks, as profit-taking slows down buying momentum. Therefore, this shift could be signaling that Bitcoin is entering the final stages of its current bull cycle.

从历史上看，这种增加的分布通常发生在市场峰值期间，因为获利减慢了购买势头。因此，这种转变可能表明比特币正在进入其当前牛周期的最后阶段。

Currently, STH Realized Price is at $94,500, which is a key level to watch. If this support breaks, then many short-term holders could be accumulating unrealized losses. In contrast, long-term holders appear more confident, with their Realized Price steadily rising to around $33,000. This difference highlights the contrasting strategies employed by long- and short-term market participants during volatile price movements.

目前，STH意识到价格为94,500美元，这是值得关注的关键水平。如果这种支持破裂，那么许多短期持有人可能会积累未实现的损失。相比之下，长期持有人似乎更加自信，他们实现的价格稳步上涨至33,000美元。这种差异突出了长期和短期市场参与者在波动价格变动中采用的对比鲜明的策略。

Whenever STH Realized Price has previously risen above LTH Realized Price, a new bull market has emerged. This observation underscores the usefulness of blockchain analytics in identifying turning points at a macro level. However, a note of caution is warranted because certain on-chain metrics predict that a correction might appear only after October 2025, which would be a surprising development given the usual halving cycles.

每当STH意识到价格以前已经超过Lth实现的价格时，就会出现新的牛市。该观察结果强调了区块链分析在识别宏观水平上的转折点方面的有用性。但是，有必要注意的注意事项是有必要的，因为某些链上指标预测，只有在2025年10月之后才能进行更正，这是一个令人惊讶的发展，鉴于通常的减半周期。

Chart of LTH and STH Realized Price. Source: Alphractal Post

LTH和STH的图表实现了价格。资料来源：字母帖子

Pruding this further, Daun mentions a critical divergence between Bitcoin and the rest of the altcoin market. While BTC has reached new highs, the TOTAL Altcoin Market Cap remains more than 30% lower than its peak in early 2021.

进一步阐述这一点，Daun提到了比特币与Altcoin市场的其余部分之间的严重差异。尽管BTC达到了新的高点，但总山币市值仍比2021年初的峰值低30％以上。

This statistic showcases how overwhelmingly dominant Bitcoin has been during this cycle, regularly outperforming altcoins in terms of performance and momentum. Furthermore, on-chain data reveals that STHs and miners have been selling coins persistently during this rally.

该统计量展示了在这个周期中的绝大多数优势比特币，在性能和动力方面定期优于山寨币。此外，链链数据表明，在此集会期间，STH和矿工一直在持续出售硬币。

On the other hand, LTHs are accumulating coins at a good pace, which is usually observed during bull markets as institutions and firms prefer to hold onto their coins for the long term. This fact contributes to the narrative that this bull market is largely driven by institutional capital flowing into Bitcoin.

另一方面，lths以良好的速度积累了硬币，通常在牛市中观察到这是机构和公司更喜欢长期保留硬币的。这一事实有助于叙述，即这个牛市主要是由流入比特币的机构资本驱动的。

On the technical side, there is strong horizontal resistance on the TOTAL chart.

在技​​术方面，总图表上具有强烈的水平电阻。

Chart of TOTAL Altcoin Market Cap. Source: Alphractal Post

总山币市值的图表。资料来源：字母帖子

Until this barrier is breached, altcoins can be expected to lag behind. Alternatively, relative strength in BTC can potentially last even longer, depending upon investor attention and capital being centered in BTC as the market leader, thereby holding back a general crypto market breakout.

在破坏此障碍之前，预计AltCoins会落后。另外，BTC中的相对力量可能会持续更长的时间，这取决于投资者的关注和资本以BTC为中心作为市场领导者，从而阻止了一般的加密货币市场突破。

Bitcoin Consolidates After Reaching $112,000 High

比特币在达到112,000美元之后合并

This week's analysis from Bitcoinsbest begins with a chart displaying Bitcoin's breakout above the $109,000 level, which is now serving as support. Having recently hit a high of $112,000, BTC is currently consolidating at $107,500, forming a bullish retest of prior resistance.

本周来自比特币的分析始于一张图表，该图表显示了比特币的突破高于$ 109,000的水平，现在可以作为支持。 BTC最近达到了112,000美元的高价，目前巩固了107,500美元，构成了先前抵抗的看涨。

High trading volumes and the formation of bullish candle shapes are confirming the strength behind this breakout, indicating persistent upward pressure.

高贸易量和看涨蜡烛形状的形成证实了这一突破背后的力量，表明持续的向上压力。

BTC is also trading well above the 34-week EMA at $87,938, which reinforces a solid macro uptrend. All major moving averages - 50, 100, and 200 weeks - are trending upward, which supports the long-term bullish outlook.

BTC还以87,938美元的价格交易远高于34周的EMA，这加强了可靠的宏观上升趋势。所有主要的移动平均值-50、100和200周 - 都在向上趋势，这支持了长期看涨的前景。

Unless a drastic structural shift occurs, Bitcoin's technical and fundamental strength may continue guiding the broader market's direction.

除非发生急剧的结构变化，否则比特币的技术和基本力量可能会继续指导更广泛的市场的方向。