在过去的一周中，比特币一直在悄悄攀登

尽管这些收益的步伐缓慢，但数据表明，比特币持有人对加密货币的未来表现出越来越多的信心。

Bitcoin (BTC) has been slowly but surely climbing over the past week, moving steadily from the $87K zone to the $94K–$95K range. This gradual ascent reflects a positive sentiment among investors, who are showing a growing level of confidence in the cryptocurrency’s future.

比特币（BTC）在过去一周中一直在缓慢但肯定会攀升，从8.7万美元的区域稳步移动到$ 94K - $ 9.5K的价格。这种逐渐的上升反映了投资者的积极情绪，他们对加密货币的未来表现出越来越多的信心。

While the pace of these gains might seem slow, data suggests that Bitcoin holders are becoming increasingly optimistic, a fact that could have implications for the cryptocurrency’s long-term price trajectory.

尽管这些收益的速度似乎很慢，但数据表明比特币持有人变得越来越乐观，这一事实可能会对加密货币的长期价格轨迹产生影响。

A shift has been observed in Bitcoin’s exchange flow metrics, which are now showing signs of heavy accumulation, contrasting with the usual scenario where these metrics foreshadow profit-taking.

在比特币的交换流量指标中观察到了转变，该指标现在显示出大量积累的迹象，与这些指标预示利润获利的通常情况形成鲜明对比。

Moreover, the U.S. state of Arizona’s recent Senate bill approval, which could pave the way for a Bitcoin strategic reserve, has further fueled this growing optimism.

此外，美国亚利桑那州最近的参议院法案批准，这可能为比特币战略储备铺平道路，进一步加剧了这种日益增长的乐观。

Bitcoin’s Confidence Indicator: The Supply in Profit

比特币的信心指标：利润供应

As Bitcoin continues to climb, the supply in profit metric has been steadily rising, a key sign that Bitcoin holders are feeling more confident about the currency’s long-term trajectory.

随着比特币继续攀升，利润度量的供应量一直在稳步上升，这是比特币持有人对货币长期轨迹更有信心的关键信号。

Analyst Darkfost highlighted this in a recent CryptoQuant post, noting that when more than 90% of Bitcoin’s supply is in profit, historical patterns suggest a euphoric phase.

分析师DarkFost在最近的一篇隐秘帖子中强调了这一点，并指出，当超过90％的比特币供应是利润时，历史模式表明了一个欣快的阶段。

While such phases are usually followed by pullbacks, these sell-offs are unlikely in the immediate future.

虽然这些阶段通常之后是回调，但在不久的将来，这些抛售不太可能。

This increase in Bitcoin’s supply in profit, along with its relatively low selling pressure from miners, signals that the current rally could still have some legs to run.

比特币的利润供应量增加，以及矿工的销售压力相对较低，这表明目前的集会仍然可能有一些腿可以运行。

However, a word of caution is necessary as the market could experience pullbacks when the price becomes overheated. Yet, for now, Bitcoin’s upward momentum seems to be driven by steady demand and growing confidence.

但是，必须谨慎，因为当价格过热时，市场可能会遇到回调。然而，就目前而言，比特币的上升势头似乎是由稳定的需求和日益增长的信心所驱动的。

Exchange Netflows: A Bullish Signal

Exchange Netflows：看涨信号

Another key metric contributing to the optimism around Bitcoin’s price is the exchange netflows data. The 30-day moving average has been trending lower for the past week, staying in negative territory throughout April.

围绕比特币价格乐观的另一个关键指标是Exchange Netfrows数据。过去一周的30天移动平均线趋势降低，整个4月一直保持在负领土。

This suggests that more Bitcoin is being moved out of exchanges than into them, signaling accumulation rather than profit-taking.

这表明，比特币要从交易所中移出的比比特币更多，而不是赚钱，而不是获利。

The 7-day moving average of exchange flows saw a significant drop in April, further highlighting that Bitcoin holders are not rushing to sell. If this trend continues, it could pave the way for further price increases.

7天的交换流量的移动平均值在四月份显着下降，进一步强调了比特币持有人并不急于出售。如果这种趋势继续下去，它可能为进一步的价格铺平道路。

In a market lacking confidence, an increase in BTC moving onto exchanges would typically signal that holders are preparing to sell, but this is not the case here.

在缺乏信心的市场中，BTC转移到交易所的增加通常会表明持有人准备出售，但这并非如此。

MVRV Ratio: A Growing Bullish Signal

MVRV比率：越来越多的看涨信号

Bitcoin’s MVRV (Market Value to Realized Value) ratio, which measures the difference between the price of Bitcoin and the average price at which it was last moved, has also been an important indicator.

比特币的MVRV（市场价值与已实现价值）比特币的价格与比特币价格与上次移动的平均价格之间的差额之间的差异也是一个重要的指标。

The 30-day MVRV ratio is at its highest since late 2024, suggesting that Bitcoin is approaching levels where holders might start taking profits.

自2024年底以来，30天的MVRV比率是最高的，这表明比特币正接近持有人可能开始获利的水平。

However, this fear of selling pressure from profit-taking is balanced by the longer-term MVRV ratios, which remain low. Specifically, the 180-day and 365-day MVRV values are far from the levels seen in the peak months of November and December 2024, indicating that long-term holders have not yet reached substantial profit levels. This reinforces the idea that Bitcoin’s rally has room to grow.

但是，这种对赚钱销售压力的恐惧与长期MVRV比率保持平衡，而MVRV比率保持较低。具体而言，180天和365天的MVRV值远非2024年11月和12月12日的高峰月份所看到的水平，这表明长期持有人尚未达到可观的利润水平。这加强了比特币集会有生长空间的想法。

Where Are Bitcoin’s Price Targets?

比特币的价格目标在哪里？

The market’s growing confidence is reflected in Bitcoin’s price trajectory. With the $94K–$95K zone acting as a key resistance point, the next significant hurdles appear to be at $101K and $106K. According to data from the liquidation heatmap, these levels could be Bitcoin’s next major targets if the bullish momentum continues.

市场日益增长的信心反映在比特币的价格轨迹中。凭借$ 94K - $ 95K的区域充当关键阻力点，下一个重大障碍似乎为$ 101K和10.6万美元。根据清算热图的数据，如果看涨势头继续前进，这些水平可能是比特币的下一个主要目标。

The market’s cautious optimism is supported by a combination of bullish metrics and a solid technical outlook. Bitcoin’s slow but steady upward movement suggests that it is gearing up for more gains, with the $95K wall likely to be breached if the current trend continues.

市场的谨慎乐观情绪得到了看涨指标和扎实的技术前景的支持。比特币的缓慢但稳定的向上移动表明，它正在为更多的收益做好准备，如果当前趋势继续下去，则可能会违反95,000美元的墙壁。

What’s Next for Bitcoin?

比特币的下一步是什么？

As Bitcoin holders maintain their conviction, the likelihood of a pullback remains, but it does not seem imminent. The combination of low selling pressure, increasing supply in profit, and net outflows from exchanges signals a strong accumulation phase.

随着比特币持有人坚持自己的信念，撤回的可能性仍然存在，但似乎并不是迫在眉睫。低销售压力，利润供应量增加以及交换的净流出的结合标志着强大的积累阶段。

Bitcoin has already broken several key barriers, and if it can clear the $95K resistance, it could see its next surge towards the $100K mark and beyond.

比特币已经打破了几个关键障碍，如果可以清除95,000美元的电阻，它可能会看到其下一个朝着10万美元的商标及以后的激增。

In conclusion, the data suggests that Bitcoin’s current rally has strong momentum and could continue to rise throughout 2025. Despite the threat of a pullback, key metrics are signaling that Bitcoin holders are confident, and the market may be on the verge of breaking through key resistance levels, potentially paving the way for even higher gains in the coming months.

总而言之，数据表明，比特币目前的集会具有强大的动力，并且在2025年的整个2025年可能会继续上升。尽管有回调的威胁，但关键指标表明比特币持有人有信心，市场可能在突破关键阻力水平上破裂，在未来几个月中为更高的增长铺平了道路。