比特币（BTC）短暂地标记了108,000美元，即将进入未知领域

在今天早些时候将108,000美元标记为108,000美元之后，比特币即将进入未知领域。旗舰加密货币飙升了40％以上

Bitcoin (BTC) is on the verge of entering uncharted territory after briefly dipping below the $108,000 level earlier today. The flagship cryptocurrency has surged more than 40% since early April, fueled by rising market optimism and institutional demand. However, price is showing some hesitation near the all-time high (ATH), now consolidating around the $106,000 zone. This key level is acting as both resistance and a psychological barrier, creating mixed sentiment across the market.

比特币（BTC）在今天早些时候短暂浸入108,000美元的水平之后，即将进入未知领域。自4月初以来，旗舰加密货币飙升了40％以上，这是由于市场乐观和机构需求不断上升。但是，价格显示出在历史最高水平（ATH）附近的犹豫，现在在106,000美元的区域附近合并。这个关键水平既充当抵抗力，又是心理障碍，在市场上产生了混杂的情绪。

While many analysts remain bullish, calling for a breakout that could take Bitcoin into price discovery, others are cautioning against premature euphoria, pointing to the potential for a sharp retrace if momentum stalls. Top analyst Axel Adler shared insights suggesting that every strong price acceleration shifts a significant volume of coins from loss into profit, an event that typically pushes the 30-day simple moving average (SMA) of the UTXO profit-to-loss ratio above 200. That level has historically marked overheated conditions and preceded major corrections.

尽管许多分析师仍然看涨，呼吁突破可以将比特币带入价格发现，但其他人则警告过早的欣快感，这表明如果动量摊位，则可能会急剧恢复。顶级分析师阿克塞尔·阿德勒（Axel Adler）分享了见解，表明每个强劲的价格加速将大量硬币从损失转变为利润，这一事件通常会将UTXO利润与损失比率的30天简单移动平均值（SMA）推向200。该水平在历史上已经标记过过热条件，并取得了重大纠正。

As of now, the metric sits at 99, indicating that the market has not yet entered a phase of overheating. This suggests that Bitcoin still has room to run before sentiment becomes excessive, leaving the door open for further upside—or a critical rejection.

截至目前，公制位置为99，表明市场尚未进入过热阶段。这表明比特币在情绪变得过多之前仍然有跑步的空间，使门开了，以进一步上升或重视。

Momentum Or Correction? Key Metric Suggests Bitcoin Still Has Room To Run

动力还是更正？关键指标表明比特币仍然有运行的空间

动力还是更正？关键指标表明比特币仍然有运行的空间

This is a pivotal week for Bitcoin and the entire crypto market, with price action set to determine the direction of the coming weeks. After reaching the $107,000 mark on Sunday, Bitcoin was quickly rejected, retracing more than 4% and settling around the $106,000 zone. That fakeout highlighted the fragility of the market as it approaches the all-time high (ATH) zone. A clean breakout above $109,000 would confirm the continuation of the powerful bullish trend that began in 2023. But if Bitcoin loses current levels and falls below key demand, it could trigger a deeper correction, shaking bullish conviction.

对于比特币和整个加密市场来说，这是一个关键的一周，其价格动作确定了未来几周的方向。在周日达到107,000美元的成绩之后，比特币很快被拒绝，回收超过4％，在106,000美元的区域附近定居。当它接近历史最高（ATH）区域时，这种假货突出了市场的脆弱性。超过$ 109,000的清洁突破将确认始于2023年的强大看涨趋势的延续。但是，如果比特币失去当前水平并且低于关键需求，它可能会引发更深层的纠正，摇晃看涨的信念。

Adler provided key insight into market sentiment by analyzing the UTXO profit-to-loss ratio. Historically, every strong acceleration in price that rapidly shifts coins from loss into profit causes the 30-day simple moving average (SMA) of this metric to spike above 200, signaling overheating and often marking the start of a distribution phase. At present, the SMA sits at 99, well below the warning threshold, indicating no signs of excess yet.

Adler通过分析UTXO的利润与损害比率，为市场情绪提供了关键的见解。从历史上看，每种强大的价格加速将硬币从损失转变为利润，这会导致该指标的30天简单移动平均值（SMA）转变为超过200的尖峰，信号过热并经常标志着分配阶段的开始。目前，SMA位于99，远低于警告门槛，表明还没有过多的迹象。

Adler notes that while Bitcoin still has room to grow, the “easy fuel” behind recent gains is fading. A much stronger push or more volatile price action will be needed to drive the metric higher. Interestingly, this aligns with a larger pattern—this cycle’s third compression phase. If the analogy holds, this coiled spring may soon release energy powerful enough to send Bitcoin well beyond its ATH, but the risk of rejection remains very real.

阿德勒指出，虽然比特币仍然有生长的空间，但最近收益背后的“简单燃料”正在消失。将需要更强大的推动力或更大的波动价格动作来推动较高的度量。有趣的是，这与较大的模式保持一致，即本周期的第三阶段。如果类比成立，这个盘绕的春季可能很快就会释放出足够强大的能源，可以将比特币远离其ATH，但拒绝的风险仍然非常真实。

Technical Analysis: Key Weekly Price Action

技术分析：关键每周价格行动

技术分析：关键每周价格行动

Bitcoin is trading at $106,394 after reaching a local high of $108,035 earlier today. The chart shows BTC holding above the $103,600 breakout level, now acting as a strong support zone. Price action confirms a bullish structure, with higher highs and higher lows forming over the past few weeks. The 200-day SMA at $93,186 and the 200-day EMA at $88,855 remain well below the current price, reinforcing the strength of the ongoing uptrend.

比特币今天早些时候达到了108,035美元的当地高点后，比特币的交易价格为106,394美元。图表显示，BTC持有以上超过$ 103,600的突破水平，现在充当强大的支持区。价格动作证实了看涨的结构，在过去的几周中，高高和更高的低点形成。 200天的SMA为93,186美元和200天EMA的88,855美元远低于目前的价格，增强了正在进行的上升趋势的实力。

However, price is now consolidating below all-time highs, with clear resistance near the $109,000 level. This area marks a crucial test for bulls. Breaking above it would confirm a move into price discovery and could trigger a wave of momentum buying. On the other hand, failure to push higher may result in a retest of the $103,600 or even the $100,000 psychological level.

但是，价格现在已经巩固低于历史高点，明显的阻力接近109,000美元。该区域标志着公牛的关键测试。在上面打破它将证实进入价格发现的转变，并可能引发一波势头购买。另一方面，不推动更高的推动可能会导致重新测试103,600美元甚至100,000美元的心理水平。

Volume has remained moderate despite the recent rally, suggesting that a strong breakout will require higher participation. The structure currently resembles a high consolidation zone, often a precursor to a volatile move. Bulls remain in control for now, but any drop below $103,600 would weaken short-term momentum and potentially trigger a broader retracement. All eyes remain on BTC’s behavior around the ATH zone.

尽管最近举行了集会，但数量仍然保持温和，这表明强大的突破将需要更高的参与。该结构目前类似于高固结区，通常是挥发性移动的前体。公牛目前仍处于控制状态，但任何低于$ 103,600的下降都会削弱短期势头，并可能触发更广泛的回避。所有人的目光都注视着BTC在ATH区域周围的行为。