随着美国传统市场在阵亡将士纪念日持续关闭，比特币降至109,000美元

尽管有这种小小的下降，但总理的加密货币仍保持着优势的位置，从温柔的周末上升中获得了收益，并保持着诱人的距离，距离上周达到的历史最高水平。

Bitcoin experienced a slight pullback to $109,000 on Monday, May 26th, navigating sluggish trading conditions as traditional US markets remained closed for the Memorial Day holiday.

5月26日星期一，比特币经历了轻微的回调至109,000美元，随着传统的美国市场在阵亡将士纪念日假期的关闭，贸易条件缓慢。

Despite this minor dip, the premier cryptocurrency maintained a position of strength, holding onto gains from a gentle weekend rise and remaining tantalizingly close to the all-time high it achieved just last week.

尽管有这种小小的下降，但总理的加密货币仍保持着优势的位置，从温柔的周末上升中获得了收益，并保持着诱人的距离，距离上周达到的历史最高水平。

While Bitcoin consolidated, the broader digital asset market saw pockets of notable activity.

尽管比特币合并，但更广泛的数字资产市场看到了著名活动的口袋。

The CoinDesk 20 index, which tracks the top 20 digital coins (excluding stablecoins, memecoins, and exchange tokens), highlighted decentralized exchange Uniswap (UNI) as the day’s standout performer, with its token surging 6.6%.

Coindesk 20 Index跟踪了前20个数字硬币（不包括Stablecoins，Memecoins和Exchange代币），该指数强调了分散的交易所Uniswap（UNI）作为当天的出色表演者，其代币飙升了6.6％。

Tokens for Chainlink (LINK) and Avalanche (AVAX) also posted respectable gains of 3.3% and 3.4%, respectively.

Chainlink（Link）和Avalanche（Avax）的代币也分别发布了3.3％和3.4％的可敬收益。

These gains largely materialized overnight, receiving a boost from a shift in US trade policy rhetoric.

这些收益在一夜之间在很大程度上实现了，从美国贸易政策言论的转变中得到了增强。

President Trump announced on Sunday that the implementation of proposed 50% tariffs on EU goods would be delayed until July 9.

特朗普总统周日宣布，拟议的50％对欧盟商品的关税将推迟到7月9日。

This was a reversal from his statement on Friday, which had called for the tariffs to take effect on June 1 and had consequently triggered a sell-off in risk assets, including cryptocurrencies.

这是与周五声明的逆转，该声明要求关税于6月1日生效，因此引发了包括加密货币在内的风险资产的抛售。

European stocks, initially shaken by the tariff threat, rebounded on this news of a temporary reprieve.

最初因关税威胁而动摇的欧洲股票反弹了这一暂时缓刑的消息。

Profit-taking wave: short-term holders cash in

利润浪潮：短期持有人现金

Despite the overall positive sentiment that has recently propelled Bitcoin near record highs, analysts suggest the cryptocurrency may have entered a more volatile, consolidatory phase. Traders are currently digesting the rapid, nearly 50% surge from the lows seen in April, according to a Monday report by Bitfinex.

尽管最近有整体积极的情绪在近乎创纪录的高点附近推动了比特币，但分析师表明，加密货币可能已经进入了更易波动性的固结阶段。根据Bitfinex的一份周一报告，交易者目前正在消化4月份的迅速增长，近50％的速度。

A significant factor potentially capping Bitcoin’s immediate upside is an intensification of profit-taking by short-term holders.

一个重要的因素可能会封盖比特币的即时上涨空间，这是短期持有人对利润的强化。

The Bitfinex report highlighted that this particular cohort of investors has realized a substantial $11.4 billion in cumulative profits over the past 30 days.

Bitfinex的报告强调，这一特殊的投资者在过去30天内已经实现了114亿美元的累计利润。

This figure stands in stark contrast to the $1.2 billion in profits realized by the same group in the preceding 30-day period, suggesting a significant ramp-up in cashing out gains.

该数字与同一群体在前30天期间实现的12亿美元的利润形成了鲜明的对比，这表明兑现收益的大幅增加。

“At these levels, the risk emerges that profit-taking outpaces new demand inflows,” the Bitfinex analysts stated.

Bitfinex分析师说：“在这些层面上，利润赚钱的风险超过了新需求流入。”

Unless there’s a corresponding rise in new capital entering the market to absorb this supply, prices may begin to stall or even retrace.

除非新资本进入市场以吸收这种供应的相应上升，否则价格可能会开始停滞甚至回顾。

Navigating choppy waters

导航波涛汹涌的水

The coming days are seen as crucial in determining Bitcoin’s near-term trajectory.

接下来的日子对确定比特币的近期轨迹至关重要。

“The next few days will be key to gauge whether the dip to $106,000 has set the range lows or a bigger reset is in the cards,” the Bitfinex report noted.

Bitfinex报告指出：“接下来的几天将是衡量倾销到106,000美元的关键。

Should a more significant pullback materialize, a key level of support to monitor is the short-term holder cost basis, which currently sits around $95,000.

如果更重要的回调实现，则监控的关键支持水平是短期持有人的成本基础，目前位于95,000美元左右。

This represents the average price at which this group of investors acquired their Bitcoin.

这代表了这组投资者获得其比特币的平均价格。

Despite the potential for near-term choppiness and profit-taking, the underlying outlook remains constructive, according to the analysts.

根据分析师的说法，尽管有近期切碎和获利的潜力，但基本的前景仍然建设性。

They pointed to strong inflows into US spot Bitcoin ETFs—totaling an impressive $5.3 billion in May so far—alongside currently low market volatility and a lack of excessive speculative froth.

他们指出，进入我们现货比特币ETF（到目前为止5月的53亿美元）目前的市场波动率很低，并且缺乏过多的投机性泡沫。

These factors, they argue, suggest that Bitcoin is likely to resume its upward trend heading into the third quarter of the year, following this potential period of consolidation.

他们认为，这些因素表明，在这种潜在的合并时期之后，比特币可能会恢复到今年第三季度的上升趋势。