比特币（BTC）在2025年5月14日的交易价格接近104,000美元，持有更高的价格水平

尽管最近的趋势表明势头下降，但实现的价格回报仍会继续显示出强度。尽管现货市场牢固地位于看涨的领土，但交易活动和收益数据表明，随着参与者评估即将到来的市场状况，可能会有一个过渡阶段。

Bitcoin (BTC) traded comfortably above the $100,000 mark on May 14, sustaining higher price levels as on-chain metrics pointed to stable but moderating profitability. Realized price returns continue to show strength, although recent trends indicate a decline in momentum.

5月14日，比特币（BTC）的交易舒适超过了100,000美元，其价格水平较高，因为链度指标指出的是稳定但可以调节盈利能力。尽管最近的趋势表明势头下降，但实现的价格回报仍会继续显示出强度。

While the spot market remains firmly in bullish territory, trading activity and yield data suggest a possible transition phase as participants assess upcoming market conditions.

尽管现货市场牢固地位于看涨的领土，但交易活动和收益数据表明，随着参与者评估即将到来的市场状况，可能会有一个过渡阶段。

Bitcoin realized price trends higher

比特币实现了更高的价格趋势

Data from April 2022 to April 2025 reveals a gradual increase in Bitcoin's realized price, now standing around $45,100. This metric, which measures the average acquisition price of all circulating BTC, serves as an indicator of network-wide profitability.

从2022年4月到2025年4月的数据显示，比特币实现的价格逐渐上涨，现在约为45,100美元。该指标衡量了所有循环BTC的平均获取价格，它是网络范围盈利能力的指标。

Bitcoin is trading close to $100K, with the realized price around $45K and still climbing. Daily RP yield ranges from 0.10% to 0.23% (roughly 36%–85% annualized), while the 30-day SMA sits at about 0.10% (around 35%–40% annualized). These positive yet moderate returns indicate…https://t.co/60J5u8Z88q

比特币的交易接近$ 10万美元，实现的价格约为45,000美元，仍在攀升。每日RP收益率从0.10％到0.23％（大约36％–85％），而30天SMA的收益率为约0.10％（年龄约为35％–40％）。这些积极而中等的回报表示…https：//t.co/60J5U8Z88Q

Periods of extended negative returns, as seen in mid-2022 and from late 2022 into early 2023, were marked by consolidation near the $20,000 range. The realized price stagnated during those phases, and investor sentiment was muted. That trend reversed in early 2024, when consistently positive returns supported a price surge past $70,000 and toward $90,000.

从2022年中期和2022年底到2023年初，延长的负回报期间，以合并为标志着20,000美元的范围。在这些阶段中停滞不前的实现价格，投资者的情绪被静音。这种趋势在2024年初逆转，当时持续的正回报支持价格上涨，超过70,000美元，至90,000美元。

The realized price serves as a key resistance level, and if it breaks, it could open the door for further bullish momentum. However, a failure to break through realized price usually leads to a stall in the market, as seen in mid-2022 and late 2022.

实现的价格是一个关键的阻力水平，如果破裂，它可能会为进一步看涨的动力打开大门。但是，未能突破实现的价格通常会导致市场上的摊位，如2022年中期和2022年底。

Price action shows strength despite volume decline

价格动作表现出强度，尽管数量下降

At the latest update, Bitcoin is priced at $104,081.73, reflecting a modest daily increase of 0.34%. The market capitalization has grown to $2.06 trillion, while Bitcoin's fully diluted valuation (FDV) is $2.18 trillion. Despite these figures the 24-hour trading volume decreased by 13.29% and the number now stands at $50.26 billion. The drop in volume can be indicative of trader caution, and particularly after hitting the psychological resistance close to $105,000.

在最新更新中，比特币的价格为104,081.73美元，反映出每日不小的0.34％。市值已增长到20.6万亿美元，而比特币的完全稀释估值（FDV）为2.18万亿美元。尽管有这些数字，但24小时交易量下降了13.29％，现在数量为502.6亿美元。体积的下降可以表明交易者的谨慎，尤其是在达到了接近105,000美元的心理阻力之后。

Intraday trading indicated the asset crossing over the $104,800 mark, followed by a minor correction at the opening of trading on 14th May 2022. In particular, the price dipped twice below $103,500 and rebounded immediately after. This pattern reflects the continuation of support from the dip buyers and evidence that short-term mood is upbeat.

日内交易表明，资产交易超过了104,800美元，随后在2022年5月14日开业时进行了较小的更正。特别是，价格下跌了两倍以下，低于$ 103,500，然后立即回弹。这种模式反映了倾销买家的支持的延续，并证明短期情绪是乐观的。

The total supply of Bitcoin is now at 19,860,000 BTC, while the hard cap of 21 million is still in force. A volume-to-market cap ratio of 2.44% indicates a moderate liquidity level over trading venues.

比特币的总供应现在为19,860,000 BTC，而2100万的硬上限仍然有效。 2.44％的销量与市场上的上限比表示交易场所的流动性水平适中。

Diverging indicators point to a watchful market

分化指标指向警惕的市场

While Bitcoin's spot price is approaching all-time highs, a cooling of realized returns and volume implies a loss of momentum. Past patterns show that spurns between price and profitability measures have resulted in consolidation periods or corrections in the market.

尽管比特币的现货价格正接近历史最高点，但对回报的冷却和数量的冷却意味着势头损失。过去的模式表明，价格和盈利能力措施之间的拒绝导致了市场的合并期或更正。

The 30-day SMA downward move in realized price yield is a warning sign for the market players. Although the overall direction is strong, the divergence between advancing spot prices and falling returns could indicate a revaluation period before macroeconomic numbers or profit taking at resistance levels.

实现的价格收益率为30天的SMA向下移动是市场参与者的警告信号。尽管总体方向很强，但提高现货价格和下降回报之间的差异可能表明在宏观经济数字或以阻力水平的利润之前进行了重估。