随着中国的利率，比特币的价格突破了100,000美元，引起了加密货币世界的兴奋波动

比特币的价格在2025年5月9日超过100,000美元，在加密货币世界中引起了兴奋的波动。

Bitcoin price rose past the $100,000 mark on May 9, 2025, sparking excitement in the crypto sphere.

比特币价格上涨了2025年5月9日的100,000美元大关，引发了加密球体的兴奋。

Here's a breakdown of the rally, considering macroeconomic backdrop, market internals, and varying perspectives.

考虑到宏观经济背景，市场内部和不同的观点，这是集会的细分。

Bitcoin Price Surges Past $100K With Flurry of Macro Activity

比特币价格飙升超过$ 100,000美元，宏观活动

Traders saw BTC/USD quickly climbing from $97,200 in early Asian trading to a peak of $99,050 before settling around $103,900.

交易者看到BTC/USD迅速从亚洲早期交易的97,200美元攀升至99,050美元的峰值，然后定居于103,900美元左右。

The move came amid a flurry of macroeconomic developments that traders were watching closely.

此举是在交易者密切关注的一系列宏观经济发展中。

China’s central bank trimmed its one-year lending rate by 15 basis points and cut the reserve requirement ratio by half a percentage point, together freeing an estimated $100 billion of liquidity into the market.

中国的中央银行将其一年贷款率提高了15个基点，并将储备金比率降低了一半，从而将估计的1000亿美元流动性释放到市场上。

The rate cut was the first easing since December 2024, coming as Beijing seeks to shore up growth and support its equity and property markets.

降价是自2024年12月以来的首次缓解，北京试图提高增长并支持其股票和房地产市场。

Bankers and economists polled by Reuters had broadly expected a cut to the yuan interest rate, anticipating slower-than-expected economic recovery in the second quarter of 2024.

路透社对银行家和经济学家进行了民意调查，预计将降低人民币的利率，预计在2024年第二季度的经济复苏速度较慢。

"We expect further monetary policy easing to be announced in the coming months, in response to rising economic and financial risks," Yu Zeng, economist at Essence Securities, told Reuters.

Essence Securities的经济学家Yu Zeng告诉路透社：“我们预计将在未来几个月内宣布进一步的货币政策。”

These measures were announced just hours before Bitcoin broke $99,000.

这些措施是在比特币打破99,000美元之前数小时宣布的。

This was in contrast to the U.S. Federal Reserve, which had paused its tightening cycle. In its May 1 statement, the Fed kept the federal funds target at 5.25 percent. Officials cited mixed growth signals and cooling inflation.

这与美国美联储相反，美国美联储暂停了其收紧周期。在5月1日的声明中，美联储将联邦资金目标定为5.25％。官员们引用了混合生长信号和冷却通货膨胀。

"The rapidly changing economic landscape will likely factor into upcoming Fed actions, presenting a unique challenge for navigating the delicate balance between stability and recovery," said Ben Casper, U.S. macro strategist at Jpmorgan Chase, in a note to clients.

摩根大通（JPMorgan Chase）美国宏观战略家本·卡斯珀（Ben Casper）表示：“迅速变化的经济格局可能会导致即将进行的美联储行动，这是稳定与恢复之间微妙平衡的独特挑战。”

The pause contrasted with Beijing’s easing, highlighting divergent policy paths.

暂停与北京的轻松宽松形成对比，强调了不同的政策路径。

Behind the scenes, U.S.–China relations also warmed with diplomats holding discreet talks on May 2 to start formal trade negotiations on Friday, May 16 (U.S. Trade Representative’s Office, May 2, 2025).

在幕后，美国与中国的关系还与5月2日举行谨慎谈判的外交官一起为5月16日星期五（美国贸易代表办公室，2025年5月2日）开始正式贸易谈判。

Traders saw this as a move that could reduce friction in goods and capital flows.

交易者认为这是可以减少商品和资本流量摩擦的举动。

Market Internals Show Slip In U.S. Bitcoin Demand

市场内部显示在美国比特币需求中的滑倒

Not every indicator was bullish on May 9.

并非每个指标在5月9日都是看好的。

Coinbase Pro reported a slip in Bitcoin’s price premium versus global benchmarks into negative territory. U.S. traders were seen paying a slight discount, marking the first negative premium in six weeks.

Coinbase Pro报告说，比特币的价格溢价与全球基准的滑倒是负面的。看到美国交易者略有折扣，标志着六周内的第一个负溢价。

This signaled that the bulk of recent buying was seen in offshore markets, impacting market internals.

这表明最近在海上市场上看到了大部分购买，从而影响了市场内部。

Meanwhile, CryptoQuant reported record-high short interest among institutional funds. Funds had reportedly increased bearish positions as prices climbed. This setup bore similarities to prior short squeezes, where forced buy-ins might accelerate rallies.

同时，CryptoQuant报道了机构资金中创纪录的短期兴趣。据报道，随着价格上涨，资金提高了看跌地位。这种设置与以前的短挤压相似，强迫购买可能会加速集会。

Those covering shorts quickly could push Bitcoin past $100,000.

那些迅速覆盖短裤的人可能会将比特币推到100,000美元以上。

FOMO Among Bulls Vs Caution From Bears

公牛与熊的谨慎

Thinking from the bulls was that China’s liquidity surge and the Fed’s hold on rates offered support. They saw the thaw in U.S.–China ties as a further catalyst, considering that cross-border flows may increase with formal trade talks slated for May 16.

从公牛队看的是，中国的流动性激增和美联储对利率的持有提供了支持。考虑到跨境流的正式贸易会谈可能会增加，他们将其解冻为进一步的催化剂，这是5月16日的正式贸易谈判。

They argued that record shorts on major funds set the stage for a short squeeze.

他们认为，主要资金的记录短裤为短暂的挤压奠定了基础。

Thinking from the bears was to urge caution as the negative Coinbase Pro premium was a warning sign. They argued that U.S. demand may lag behind overseas buying.

熊的思考是敦促谨慎，因为负面的Coinbase Pro Premium是一个警告信号。他们认为，美国的需求可能会落后于海外购买。

This was indicated by the varying price levels on Coinbase Pro and global spot markets, impacting how institutions were positioning for further moves.

这是由Coinbase Pro和全球现货市场的价格水平变化所表明的，从而影响了机构如何对进一步行动的定位。

The bears were worried that heavy short positions signaled deeper skepticism, especially with those covering shorts quickly capable of pushing Bitcoin past $100,000.

熊队担心，沉重的短姿势表明了更深疑的怀疑，尤其是那些能够迅速将比特币推到100,000美元以上的短裤的人。

Those shorts could reinforce selling if policy easing disappoints or trade talks stall. They also flagged lower Asian volume during Golden Week from May 10 to May 16.

如果政策缓解失望或贸易谈判失速，这些短裤可能会加强销售。他们还在5月10日至5月16日的黄金周上标记了下亚销量。

Thin liquidity could exaggerate price swings in either direction, rendering market internals crucial for gauging buying and selling pressure.

较薄的流动性可能会夸大价格波动，这使市场内部质量对于衡量买卖压力至关重要。

Bitcoin’s climb to just over $104,000 captured a moment of policy tug-of-war with Beijing’s easing and Washington’s steady rates offering mixed signals.

比特币的攀升至刚好超过104,000美元，捕获了北京的轻松脱口机和华盛顿的稳定利率，提供了混合信号。

Improving U.S.–China ties hinted at smoother trade, but market internals from negative U.S. premiums to peak shorts painted a complex picture.

改善了美国 - 中国领带暗示了贸易更平滑，但是从美国负溢价到峰值短裤的市场内部贸易绘制了一幅复杂的画面。

Whether FOMO will push Bitcoin towards a new all-time high (ATH) remains open as traders watch for forced short-covering and volume shifts with Asia reopening after Golden Week.

FOMO是否会将比特币推向新的历史最高水平（ATH），因为商人注意强迫短暂覆盖和数量变化，黄金周后亚洲重新开放。

They will also keep an eye on updates from Beijing, the Fed, and USTR announcements.

他们还将密切关注北京，美联储和USTR公告的更新。

At the time of writing, Bitcoin’s price is $103,7

在写作时，比特币的价格为103,7美元