随着市场情绪的看涨，比特币的潮流达到了历史最高水平，而分形仍然较低

当前的图表模式和链上数据表明，BTC的价格应进行大规模的价格行动

Bitcoin (BTC) price rallied to the highest level in 2024 on ‘Bitcoin Pizza Day’, which turned out to be a memorable one. The current chart pattern and the on-chain data suggest the BTC price is due for a massive price action.

比特币（BTC）的价格在2024年在“比特币披萨日”上升至最高水平，事实证明这是一个令人难忘的。当前的图表模式和链上数据表明，BTC的价格应进行大规模的价格行动。

The cryptocurrency behemoth barged into a new all-time high (ATH) of $111,861. However, the price faced a lowered bearish action, suggesting the investors have become highly optimistic over the upcoming price action. Moreover, some of the fractals suggest the BTC bull run has just begun, and hence, the price is believed to maintain a healthy ascending trend and remain consolidated in the discovery phase.

加密货币庞然大物闯入了111,861美元的新历史高峰（ATH）。但是，价格面临的看跌行动降低，表明投资者对即将到来的价格行动变得非常乐观。此外，一些分形表明BTC公牛跑步刚刚开始，因此，据信价格可以保持健康的上升趋势，并在发现阶段保持合并。

The current BTC price rise was backed by an over 75% rise in the trading volume in the past 24 hours, which signals towards a major price action approaching quickly. The technicals that were supposed to be overheated are also quite cool, which is another factor that indicates a massive move in the BTC price.

当前的BTC价格上涨在过去24小时内的交易量增长了75％以上，这标志着大型价格行动迅速接近。本来应该过热的技术也很酷，这是另一个因素，表明BTC价格的行动巨大。

The Payoff Ratio is used to measure the relative strength of buyers and sellers. The lower the Payoff Ratio, the stronger the sellers; and the higher the Payoff Ratio, the stronger the buyers. Despite the strong selling pressure that pushed the BTC price down from $120,000 to $90,000, the Payoff Ratio never fell below 0.4. This shows that the selling strength was limited even during the correction phase. Moreover, the Payoff Ratio quickly recovered to 0.8 after the price stabilized above $100,000, which signals an increment in the buying strength.

收益率用于衡量买卖双方的相对强度。收益比越低，卖方越强；收益率越高，买家就越强大。尽管销售压力很大，将BTC的价格从120,000美元下降到90,000美元，但收益率永远不会低于0.4。这表明即使在校正阶段，销售强度也有限。此外，在价格稳定超过100,000美元之后，收益率迅速恢复到0.8，这表明购买强度的增加。

The Funding Rate is an indicator of market overheating. When traders place perpetual contracts, they pay or receive an interest on their positions, which depends on the Funding Rate and the size of their positions. A positive Funding Rate indicates that traders are bullish and willing to pay to keep their positions open, while a negative Funding Rate signals that traders are bearish and prefer to receive interest to maintain their positions.

资金率是市场过热的指标。当交易者签订永久合同时，他们会在其职位上支付或获得利息，这取决于资金率和职位的规模。积极的资金率表明，交易者是看涨的，愿意为保持职位的持有态度而付出代价，而负面的融资率表示交易者是看跌的，并且宁愿获得利息以维持其职位。

The long bets are increasing but have not yet reached the peaks they hit during the previous rallies, which indicates the future market overheating is quite negligible. Moreover, the short-term capital inflow can be calculated by considering the portion of BTC traded within 1 week to 1 month. This also determines the market overheating, as it displays the active supply that was last moved between 1 week and 1 month.

漫长的赌注正在增加，但尚未达到他们在上一次集会期间达到的高峰，这表明未来的市场过热是可以忽略的。此外，可以通过考虑在1周到1个月内交易的BTC部分来计算短期资本流入。这也决定了市场过热，因为它显示了最后一次在1周至1个月之间移动的积极供应。

Although the BTC price hit a new high, the short-term capital inflow is not as rapid as during the past peaks. A large portion of the BTC was traded in the past 1 week to 1 month, which indicates the short-term holders are actively participating in the market.

尽管BTC价格达到了新的高度，但短期资本流入不如过去高峰时期。在过去的1周到1个月中，BTC的很大一部分是交易的，这表明短期持有人正在积极参与市场。

After the price surges, the short-term holders tend to take profit, which has been seen in almost all of the price rises. In March 2024, the profit-taking was significant, which led to a prolonged correction. Now that the price has reached a new high again, the profit-taking is much lower than in November 2024, which indicates the whales’ and the retailers’ profit-taking is limited, as they might be waiting for a massive price action.

价格飙升后，短期持有人倾向于获利，这几乎在所有价格上涨中都可以看到。在2024年3月，获利意义重大，这导致了延长的纠正。既然价格再次达到了新的高价，那么获利的幅度远低于2024年11月，这表明鲸鱼和零售商的利润率受到限制，因为他们可能正在等待大规模的价格行动。

On the other hand, the Bitcoin holdings in spot ETFs have also reached an all-time high. The increased holdings by both retail and institutional investors significantly support the overall market uptrend. This suggests the Bitcoin market is still in a healthy upward phase and hence possesses huge potential to maintain a steep ascending trend to mark fresh highs in the coming days.

另一方面，现货ETF中的比特币持有量也达到了历史最高水平。零售和机构投资者的持股增加大大支持了整个市场上升趋势。这表明比特币市场仍处于健康的上阶段，因此在接下来的几天里具有巨大的上升趋势，可以保持急剧上升的趋势。