比特币（BTC）一直在其历史最高的高处交易，刷牙接近109,000美元

比特币（BTC）的交易量接近其历史最高的，刷牙接近109,000美元。但是当价格上涨

Bitcoin (BTC) has been trading close to its all-time high, brushing near the $109,000 level. But while prices rise, the group that usually drives sell-offs—long-term holders—is not moving their coins. Instead of cashing out, these investors are still holding on, showing strong belief in more gains ahead.

比特币（BTC）的交易量接近其历史最高的，刷牙接近109,000美元。但是，尽管价格上涨，但通常会驱动抛售的集团（长期持有人）并没有移动硬币。这些投资者并没有兑现，而是仍在坚持下，表现出对未来更多收益的强烈信念。

A CryptoQuant Quicktake post by ShayanMarkets points out that those holding Bitcoin for more than 150 days are not rushing to take profits. Historically, when the cryptocurrency nears previous highs, many long-time investors usually sell a portion of their assets. That behavior has not shown up this time.

Shayanmarkets的一个隐秘的QuickTake帖子指出，那些持有比特币超过150天的人并没有急于获利。从历史上看，当加密货币接近以前的高点时，许多长期投资者通常会出售其部分资产。这种行为尚未出现。

The long-term holder Spent Output Profit Ratio, or SOPR, has been declining. This signals that even as the price pushes upward, these investors are not realizing profits. The data points toward further accumulation rather than selling, which often reflects trust in more upside.

长期持有人支出的产出利率（SOPR）一直在下降。这表明即使价格上涨，这些投资者也没有意识到利润。数据指向进一步的积累而不是销售，这通常反映出更多的信任。

Bitcoin's recent movement is being shaped more by short-term holders and retail traders. These types of investors often respond quickly to price shifts, both up and down. Unlike long-term holders, their activity can lead to fast changes in momentum.

比特币最近的运动正在由短期持有人和零售商人塑造。这些类型的投资者通常会对价格上涨迅速做出反应。与长期持有人不同，他们的活动可能会导致动量快速变化。

When Bitcoin holds near ATH levels, it usually leads to larger profit-taking. That hasn't happened so far. "This decline suggests that long-term holders have not yet engaged in notable profit-taking," ShayanMarkets explains. "Rather, they anticipate higher prices in the short term."

当比特币保持在ATH水平附近时，通常会导致更大的利润。到目前为止还没有发生。 Shayanmarkets解释说：“这种下降表明，长期持有人尚未从事明显的利润。” “相反，他们预计短期内价格会更高。”

Meanwhile, a sharp drop in the amount of Bitcoin stored on exchanges further confirms that many investors are holding rather than preparing to sell. As of May 15, the total amount of BTC on exchanges fell to 2.44 million coins. Over the last month, more than 110,000 BTC have been withdrawn. Exchange balances are now at their lowest point in six years.

同时，交易所中存储的比特币数量的急剧下降进一步证实，许多投资者在持有而不是准备出售。截至5月15日，交易所中的BTC总额降至244万个硬币。在过去的一个月中，已撤回了110,000多个BTC。交换余额现在是六年来其最低点。

Investors often move coins off exchanges when they don't plan to sell soon. That signals confidence that prices may rise further. Holding coins in self-custody wallets suggests fewer sellers in the short term, which tightens supply and can push prices up if demand stays strong.

当投资者不打算尽快销售时，经常将硬币转移到交流中。这表明价格可能会进一步上涨。在自我顾客钱包中握住硬币的表明，短期内卖方更少，这会收紧供应，如果需求保持强劲，可以提高价格。

Support for Bitcoin's price outlook is also growing from network activity metrics. The transaction volume Z-score—a tool that compares recent network use with its average—has been climbing fast.

对比特币价格前景的支持也从网络活动指标中增长。交易量z得分（将最新网络使用与平均值进行比较的工具）正在快速攀升。

Ted Boydston, a crypto investor, noted on May 15 that the metric is nearing 1 after rising from below zero. "Bitcoin should be full bull once the Z-score breaches 1," Boydston said. A Z-score above 1 has matched up with major rallies in the past.

加密货币投资者泰德·博伊德斯顿（Ted Boydston）在5月15日指出，该指标从零以下上升后接近1。博伊德斯顿说：“一旦Z得分违反1，比特币应该是全公牛。”过去，Z得分超过1的Z分数与大型集会相匹配。

Chart watchers are also keeping a close eye on resistance levels. Captain Faibik shared on May 16 that Bitcoin is stuck in a sideways range between $101,000 and $104,900. On the 4-hour chart, the price has stayed in that band for over a week. Bulls have made several breakout attempts, but all have hit a wall at the $104,900 mark.

图表观察者还密切关注阻力水平。 Faibik上尉在5月16日分享说，比特币被困在101,000美元至104,900美元之间。在4小时的图表上，价格已经在该乐队中持续了一个多星期。公牛队进行了几次突破性尝试，但所有人都以104,900美元的成绩击中了一堵墙。

"The bulls are in complete control," said Faibik. But they still need to break through that level for a real move higher. If the cryptocurrency can close above $104,900 with strong momentum, a new all-time high could follow soon after.

菲比克说：“公牛队完全控制了。”但是他们仍然需要突破这一水平才能真正移动更高。如果加密货币以强劲的势头可能会在104,900美元以上关闭，那么不久之后就会有一个新的历史高潮。