比特币的卷土重来：战胜滞胀恐惧

5 月 6 日，比特币 (BTC) 升至 65,000 美元以上，较近期两个月低点上涨 15%。此次反弹受到 50 日均线的支撑，该均线充当支撑位。尽管有所复苏，但比特币的融资利率仍保持中性，表明市场情绪平衡。然而，一些分析师认为，如果 BTC 跌破当前水平，57,000 美元至 64,000 美元之间的关键支撑区间可能会发挥作用，从而提供潜在的买入机会。

Bitcoin's Resurgence: A Triumph Over Stagflation Fears

比特币的复苏：战胜滞胀恐惧

On May 6, Bitcoin (BTC) soared to an intraday high of $65,523, a 3.45% surge from its lows of $63,340. This impressive rally underscores the resilience of the cryptocurrency in the face of global economic uncertainty.

5 月 6 日，比特币 (BTC) 飙升至 65,523 美元的盘中高点，较 63,340 美元的低点飙升 3.45%。这一令人印象深刻的反弹凸显了加密货币在全球经济不确定性面前的弹性。

Despite concerns over the potential stagflation of the U.S. economy, Bitcoin has surged approximately 15% since reaching a two-month low of $56,500 on May 1. This recovery has sparked a bullish weekly candle, signaling a return to equilibrium in Bitcoin funding rates.

尽管人们担心美国经济可能出现滞胀，但自 5 月 1 日触及两个月低点 56,500 美元以来，比特币已飙升约 15%。这种复苏引发了看涨的周蜡烛，表明比特币融资利率回归平衡。

"The dip beneath $60k spooked a number of traders before the price rebounded," noted DecenTrader, a market intelligence platform, in a May 6 report.

市场情报平台 DecenTrader 在 5 月 6 日的一份报告中指出，“在价格反弹之前，价格跌破 6 万美元令许多交易商感到恐慌”。

Data from Coinglass corroborates DecenTrader's observations, indicating a shift in Bitcoin's funding rates from negative to neutral, a development that typically signals a reset in trader positions and a more balanced sentiment in the market.

Coinglass 的数据证实了 DecenTrader 的观察，表明比特币的融资利率从负值转变为中性，这一进展通常标志着交易者头寸的重置和市场情绪更加平衡。

However, should Bitcoin experience a downturn from its current levels, key support levels will come into play. These include the $57,000–$64,000 demand zone, supported by the 50-day exponential moving average (EMA), which remains a "prime buy zone" for BTC, according to independent trader Ali Martinez.

然而，如果比特币从当前水平经历下滑，关键支撑位将发挥作用。独立交易员 Ali Martinez 表示，其中包括 57,000 美元至 64,000 美元的需求区域，该区域受到 50 天指数移动平均线 (EMA) 的支撑，该区域仍然是 BTC 的“主要买入区域”。

Martinez presented a chart from Glassnode, indicating that Bitcoin's recent drawdown pushed the market-value-to-realized-value (MVRV) ratio below its 90-day moving average. "When the MVRV dips beneath the 90-day average, it signals a buying opportunity," Martinez explained in an April 16 report. Despite BTC's recent ascent above $60,000, the Bitcoin MVRV momentum still satisfies this condition, suggesting that the asset remains undervalued.

Martinez 展示了 Glassnode 的图表，表明比特币最近的下跌将市值与实现价值 (MVRV) 比率推低至 90 天移动平均线以下。马丁内斯在 4 月 16 日的一份报告中解释说：“当 MVRV 跌破 90 天平均线时，这表明存在买入机会。”尽管 BTC 最近升至 60,000 美元以上，但比特币 MVRV 势头仍然满足这一条件，表明该资产仍然被低估。

"Regardless of # Bitcoin's latest surge from $57,000 to $64,000, the MVRV 90-Day Ratio signifies that $BTC stays in a primary purchase zone!" Martinez remarked.

“尽管 # 比特币最近从 57,000 美元飙升至 64,000 美元，MVRV 90 天比率表明 BTC 仍处于主要购买区域！”马丁内斯说道。

Furthermore, Bitcoin whales, entities holding large amounts of BTC, have demonstrated a waning but still positive conviction in buying the dip. Despite recent accumulation by these whales, the pace of accumulation has slowed down, according to on-chain data provider IntoTheBlock.

此外，比特币鲸鱼（持有大量比特币的实体）在逢低买入的信念正在减弱，但仍然积极。据链上数据提供商 IntoTheBlock 称，尽管这些鲸鱼最近有所积累，但积累的速度已经放缓。

"Prices have increased shortly following each accumulation," IntoTheBlock reported in a May 6 post. "However, note that each spike in accumulation by these holders is smaller than the last."

IntoTheBlock 在 5 月 6 日的一篇文章中报道称，“每次增持后价格都会上涨”。 “但是，请注意，这些持有者的每次积累峰值都小于上一次。”

While this may indicate a diminishing appetite for buying the dip among large investors, it remains a positive sign as it signals continued bullish sentiment among this influential cohort.

虽然这可能表明大型投资者逢低买入的兴趣减弱，但这仍然是一个积极的信号，因为它表明这一有影响力的群体持续看涨情绪。

This resurgence of Bitcoin serves as a testament to its intrinsic value and the growing recognition of its role as a store of value, hedge against inflation, and safe haven asset in turbulent economic times. As global markets grapple with uncertainty, it is likely that Bitcoin will continue to play a vital role in the investment landscape.

比特币的复苏证明了其内在价值，也证明了人们越来越认识到其在动荡的经济时期作为价值储存、对冲通胀和避险资产的作用。随着全球市场应对不确定性，比特币很可能将继续在投资领域发挥至关重要的作用。

Disclaimer: This article is not intended as financial advice or recommendations. Any investments or trading activities involve risk, and individuals should conduct thorough research before making any decisions based on the information provided.

免责声明：本文无意作为财务建议或建议。任何投资或交易活动均涉及风险，个人应在根据所提供的信息做出任何决定之前进行彻底的研究。