比特币继续攀升，在过去一周中增长了10％以上

比特币继续攀升，在过去一周中增长了10％以上。然而，在表面上，加密货币市场正在进行更深入的转变。

The crypto market continues to undergo a transformation. While Bitcoin has experienced a remarkable recovery, gaining over 10% in the past week alone, a deeper shift in investment behavior is unfolding.

加密市场继续进行转型。尽管比特币经历了显着的康复，仅在过去一周中就获得了10％以上，但投资行为的更深变化正在发展。

Ki-Young Ju, CEO of CryptoQuant, observes that the era of value-driven investment seems to have faded. Since 2018, many original long-term crypto believers have either left the market or shifted to seeking short-term profits.

CryptoQuant首席执行官Ki-Young Ju指出，价值驱动的投资时代似乎已经消失。自2018年以来，许多原始的长期加密信徒已经离开了市场，要么转向寻求短期利润。

Instead, the focus now involves fast, speculative capital chasing quick returns across a volatile landscape, with potentially less commitment to the long-term vision for many projects beyond Bitcoin itself.

取而代之的是，现在的重点涉及快速，投机性的资本追逐在波动性景观中的快速回报，对比特币本身以外的许多项目的长期愿景的承诺可能较少。

Ki-Young Ju: Has Crypto Investing Shifted From Conviction to Speculation?

Ki-Young JU：加密投资是否从信念转变为投机？

Over the years, Web3 projects have struggled to achieve meaningful adoption. Consequently, both builders and investors face increasing pressure. Most projects no longer attract dedicated backers, and even the strongest believers are showing signs of fatigue.

多年来，Web3项目一直在努力实现有意义的采用。因此，建筑商和投资者都面临着越来越多的压力。大多数项目不再吸引专门的支持者，甚至最坚强的信徒也表现出疲劳的迹象。

With the flow of capital moving rapidly between assets, often with little fundamental support, the nature of crypto investing has become transactional. Ki-Young Ju notes that today’s environment rewards speed over conviction, creating an atmosphere that leaves little room for patient innovation.

随着资本在资产之间迅速移动的流动，通常几乎没有基本支持，加密投资的性质已成为交易。 Ki-Young Ju指出，当今的环境奖励定罪的速度，营造了一种氛围，几乎没有耐心的创新空间。

Additionally, the cyclical nature of Bitcoin’s (BTC) supply and demand further complicates things. Historical analysis of Bitcoin’s price versus its 365-day moving average signal reveals a predictable rhythm. Peaks near the 0.6–0.8 signal range have consistently marked overbought phases.

此外，比特币（BTC）供应的周期性性质进一步使事情变得复杂。比特币价格与365天移动平均信号的历史分析揭示了可预测的节奏。在0.6–0.8信号范围附近的峰值始终标记了过度定位的阶段。

Conversely, troughs around -1.2 tend to precede major rallies, marking accumulation zones. The current upward trajectory in this signal suggests increasing demand. However, it has yet to reach historically significant peaks, hinting that Bitcoin could still have room to grow, possibly toward the $100,000 level.

相反，大约-1.2的槽倾向于在主要集会之前，标志着积累区。该信号中的当前向上轨迹表明需求不断增加。但是，它尚未达到历史上重要的山峰，暗示比特币仍然有生长的空间，可能是$ 100,000的水平。

Bitcoin Consolidation Hints at Upward Breakout

比特币合并提示向上突破

According to analyst Ali Martinez, Bitcoin is currently trading within a horizontal channel. The price recently bounced off the key support level of $83,200. This reaction suggests strong buying interest and may lead to a retest of resistance near $84,500.

根据分析师阿里·马丁内斯（Ali Martinez）的说法，比特币目前正在水平渠道内进行交易。该价格最近从83,200美元的关键支持水平弹起。这一反应表明购买兴趣很强，可能会导致抵抗的重新测试，接近$ 84,500。

Should momentum continue, Bitcoin could break toward the upper boundary near $85,800. A confirmed move beyond that level would indicate a bullish trend continuation.

如果要继续势头，比特币可能会朝上边界靠近$ 85,800。超出该水平的确认举动将表明看涨趋势的延续。

As of press time, Bitcoin trades at $84,830.17 with a daily volume exceeding $23 billion. The current trend shows resilience, even as broader investor behavior shifts.

截至发稿时，比特币的交易价格为84,830.17美元，每日交易超过230亿美元。当前的趋势显示出弹性，即使更广泛的投资者行为发生了变化。