在向看涨投资者询问几天后，比特币终于创造了一个新的历史最高水平

在向看涨投资者询问几天之后，比特币终于在108,800美元以上的历史最高高点上了新的高度，达到111,814美元

After several days of asking from bullish investors, Bitcoin has finally carved out a new all-time high above $108,800, reaching as high as $111,814 in the last 24 hours. The breakout to the new all-time high has been accompanied by strong buying volume, but the recent rally is now facing heavy friction from a concentrated zone of sell orders that appear to be keeping price action capped in a tight range. Bitcoin is currently consolidating just below $111,000 after retracing, and on-chain order book data from CoinGlass offers an explanation.

在向看涨投资者询问几天后，比特币终于在108,800美元以上的新历史高处创造了新的高度，在过去24小时内达到了111,814美元。新历史最高水平的突破伴随着强劲的购买量，但是最近的集会现在正面临着集中的卖出订单区域的巨大摩擦，似乎使价格行动保持在紧密的范围内。回合后，比特币目前正合并低于111,000美元，而Coinglass的链订单数据提供了解释。

Liquidity Heatmap Shows Strong Resistance Cluster

流动性热图显示出强阻力簇

Data from CoinGlass reveals an aggressive concentration of sell orders between the $111,000 and $113,200 range. This is clearly visible in the heatmap chart below, where bright yellow bands represent heavy liquidity levels stacked above the current market price.

来自Coinglass的数据显示，卖出订单的积极集中在111,000美元至113,200美元之间。在下面的热图表中可以清楚地看到这一点，在下面的热图表中，明亮的黄色带代表了高于当前市场价格的大量流动性水平。

What is really interesting is what is happening at these liquidity levels. Sell orders are being layered at a rate of $8 million per $100 increment within these levels, forming a thick wall of resistance. Together, this zone carries approximately $200 million in cumulative sell-side pressure.

真正有趣的是这些流动性水平正在发生的事情。卖出订单的分层为每100美元的增量额800万美元，形成了厚厚的电阻墙。该区域共同承受着大约2亿美元的累积卖方压力。

The visual data reflects consistent order flow resistance, with several candles wicking into the highlighted region only to be rejected shortly after. In effect, the market could be entering a liquidity trap where bullish momentum is absorbed, and buyers at the top can get liquidated.

视觉数据反映了一致的顺序电阻，只有几只蜡烛芯入突出显示的区域，只有在不久之后才能拒绝。实际上，市场可能会进入一个流动性陷阱，在该陷阱中，看涨势头被吸收，顶部的买家可以清算。

This large-scale sell wall typically represents institutional distribution or protective positioning from whales who anticipate a short-term correction. With Bitcoin having surged from below $106,000 to over $111,000 in such a short time, it’s unsurprising to see some profit-taking at these psychological thresholds.

这个大规模的卖墙通常代表预期短期校正的鲸鱼的机构分配或保护性定位。在这么短的时间内，比特币从106,000美元飙升至111,000美元以上，因此在这些心理门槛上看到一些盈利是毫不奇怪的。

However, the presence of this wall does not necessarily invalidate the broader bullish trend; it introduces a friction that may result in consolidation or a temporary pullback. If Bitcoin is unable to penetrate this wall cleanly, there can be a prolonged sideways pattern as buy-side liquidity attempts to absorb the sell pressure. But a sudden spike in spot demand or a liquidation cascade in short positions could trigger a breakout above $113,200, which would clear the path for price discovery beyond $115,000.

但是，这堵墙的存在不一定使更广泛的看涨趋势无效。它引入了可能导致合并或临时回调的摩擦。如果比特币无法干净地穿透这堵墙，则可能会有长时间的侧向模式，因为购买方向的流动性试图吸收卖出压力。但是，突然在现货需求或清算级联级别的级别上的峰值可能会触发超过113,200美元以上的突破，这将清除价格发现的道路，超过115,000美元。

The Bitcoin Network Value to Transactions (NVT) Golden Cross seems to support this latter outlook. Technical analysis of Bitcoin’s price action using this indicator shows that the Bitcoin NVT golden cross is still out of the overbought zone, meaning that the price still has much room to run.

对交易的比特币网络价值（NVT）Golden Cross似乎支持了后者的前景。使用此指标对比特币的价格动作进行技术分析表明，比特币NVT Golden Cross仍然超出了过多的区域，这意味着价格仍然有很大的运行空间。

On the other hand, on-chain data shows an interesting trend from Bitcoin whales that can contribute to selling pressure. New whales, those currently holding huge amounts of BTC for less than 30 days, have started taking profit off of this new price peak. However, old whale addresses have contributed very little to selling pressure.

另一方面，链链数据显示了比特币鲸的有趣趋势，这可能导致销售压力。新鲸鱼是目前在不到30天内拥有大量BTC的新鲸鱼，已经开始从这个新价格峰值上获利。但是，旧的鲸鱼地址对销售压力几乎没有贡献。

At the time of writing, Bitcoin is trading at $110,670.

在写作时，比特币的交易价格为110,670美元。