比特币公牛将价格推回100,000美元以上，引发了大规模清算活动

自2月初以来，比特币公牛队首次将价格提高到了100,000美元以上。但是，这种动量也引发了清算的巨大激增。

Bitcoin bulls pushed the cryptocurrency’s price back above $100,000 for the first time since early February. However, the circumstances behind the momentum paved the way for a massive surge in liquidations.

自2月初以来，比特币公牛将加密货币的价格首次提高了100,000美元。但是，动量背后的情况为清算的巨大涌动铺平了道路。

Bitcoin price surged by almost 4% from sub $97,000 levels to trade above $101,048 at press time. The cryptocurrency briefly struggled with resistance just below this key price point, before the bulls eventually won.

在发稿时，比特币价格从低于$ 97,000的水平飙升了几乎4％，交易价格超过$ 101,048。在公牛队最终获胜之前，加密货币在此关键价位低于此关键价位以下时短暂地挣扎。

This latest move also triggered a significant surge in liquidations. Almost $200 million worth of shorts were liquidated in the last 24 hours. In contrast, only $20.36 million worth of long positions were liquidated during the same period.

这一最新举动也引发了清算的巨大激增。在过去的24小时内清算了近2亿美元的短裤。相比之下，同一时期仅清算了价值2036万美元的长职位。

This ratio of shorts suggests that there were heavy bearish expectations. The short liquidation figures were also the highest observed in the last 2 weeks.

这个短裤的比例表明，看跌期权很高。在过去的2周内，短清算数字也是最高观察到的。

Investors have been expecting a rate cut but the Federal Reserve revealed that rates would remain unchanged during Wednesday’s FOMC meeting. This may explain the surge in bearish expectations especially considering that BTC was already overbought.

投资者一直期望降低税率，但美联储透露，在周三的FOMC会议期间，利率将保持不变。这可能解释了看跌期望的激增，尤其是考虑到BTC已经过分购买。

FED’s Treasury Bond Purchase Boosts Bitcoin Bulls

美联储的财政债券购买增强了比特币公牛

Bitcoin bulls may have also received a confidence boost courtesy of recent reports which revealed that the FED was pumping more liquidity into the economy. The financial authority reportedly acquired a total of $34.8 billion worth of treasury bills this week.

比特币公牛可能还获得了最近的报道，这表明美联储将更多的流动性涌入经济。据报道，金融当局本周收购了总计348亿美元的国库券。

This confirmed that market liquidity was growing at a time when the FED has been trying to balance the economy and keep inflation in check.

这证实了在美联储试图平衡经济并保持通货膨胀率平衡的时候，市场流动性正在增长。

Interestingly, this new purchase aligned with the upside observed in the M2 money supply. The latter recently pushed to a new historic high of $21.76 trillion.

有趣的是，这项新购买与M2货币供应中观察到的上涨一致。后者最近将新的历史高点升至21.76万亿美元。

The FED’s recent treasury bills confirmed the accelerating liquidity inflows. Bitcoin has arguably been getting a slice of that liquidity pie, and its aggressive recovery from April lows reflects that observation.

美联储最近的国库法案证实了加速流动性流入。可以说，比特币已经得到了流动性派的一小部分，其从四月低点中的积极恢复反映了这一观察结果。

Rising M2 money supply also highlights the growing risk of runaway debt potentially leading to long term fiat value erosion. Such an outcome supports the long term bullish outlook but may not necessarily shield Bitcoin from short term headwinds.

M2货币供应量的上升还凸显了债务失控的日益增长的风险可能导致长期法定价值侵蚀。这样的结果支持长期看涨的前景，但不一定会避免比特币免受短期逆风。

Weekly Demand Demonstrated Cooling Sell Pressure

每周需求表明冷却卖压力

A bearish retreat may have aided the bullish outcome. Spot outflows were highest at just over $832 million on 4 May, but have been declining since then. They switched in favor of positive flows in the last 24 hours, with about $69.72 million worth of inflows.

看跌的静修可能有助于看涨结果。 5月4日，现场流出最高，刚刚超过8.32亿美元，但此后一直在下降。他们在过去24小时内转换了积极的流动，价值约为6,972万美元的流入。

Interestingly, the positive spot flows were preceded by positive ETF flows 24 hours prior. A sign that institutions responded positive to news that rates would remain unchanged.

有趣的是，在24小时前24小时之前，正点流量为正ETF流。一个迹象表明，机构对新闻的反应是积极的，即利率将保持不变。

Can Bitcoin still maintain the momentum above the $100,000 mark? The market demonstrated a sell wall just below shy of that key price point, which suggests that there was a significant amount of profit-taking.

比特币仍然可以维持超过100,000美元的势头吗？市场表明，卖出的墙远低于该关键价格点，这表明有大量的盈利。

The fact that Bitcoin was still overbought at press time levels could indicate that sell pressure may still make a strong comeback and push price below $100,000. On the other hand, it is possible that one Bitcoin overcomes the sell wall, it could continue rallying, driven by FOMO and demand induced by a short squeeze.

比特币在新闻发布水平上仍然超额购买的事实可能表明，卖出压力仍然可能导致强劲的卷土重来，并将价格推高至100,000美元以下。另一方面，一个比特币可能克服了卖墙，它可能会继续集会，这是由FOMO驱动的，并因短暂的挤压而引起的需求。

Meanwhile, a Standard Chartered analyst that previously called for a $120,000 price target in 2025 has reportedly revised the target.

同时，据报道，一位标准的特许分析师以前要求2025年的目标价为120,000美元，已修改了该目标。

The analysts reportedly stated that the target was too low. This signals that even institutional expectations of Bitcoin price in 2025 have been improving along with a brighter disposition also observed in the whale category.

据报道，分析师表示目标太低。这表明，即使是2025年对比特币价格的机构期望也在改善，并且在鲸鱼类别中也观察到更明亮的处置。