尽管清算了8.45亿美元，但比特币（BTC）的价格却达到了110,000美元的历史最高水平

随着比特币（BTC）的价格达到110,000美元的历史最高点，便宜的价格行动在短短两天内就清算了8.45亿美元。

Bitcoin (BTC) price has been churning choppily as the cryptocurrency approaches its all-time high of $110,000. In the past two days alone, $845 million in crypto futures got liquidated.

随着加密货币的历史最高点11万美元，比特币（BTC）的价格一直在搅动。仅在过去的两天中，有8.45亿美元的加密期货就被清算了。

However, despite this culling, Open Interest (OI) on futures remained elevated at 199.72k BTC. Moreover, an analysis of institutional activity and crypto ETF outflows shows that investors remain optimistic about BTC’s future.

然而，尽管有这种淘汰，但对期货的开放兴趣（OI）仍在199.72K BTC上升高。此外，对机构活动和加密ETF流出的分析表明，投资者对BTC的未来仍然乐观。

Here’s a breakdown:

这是一个故障：

BTC Price Pushes Toward ATH As $845 Million Gets Liquidated

BTC价格推向ATH，当时有8.45亿美元被清算

The May 18 and 19 price action saw BTC price climb to $106.6k, drop to $102k, and revisit a four-month high of $107.1k. As a result of this rapid price change, the cryptocurrency market witnessed a liquidation of $845 million, according to CoinGlass data.

5月18日和19日的价格行动使BTC价格上涨至106.6K美元，跌至102,000美元，并重新审视了107.1k美元的四个月高点。根据Coinglass Data的数据，由于价格迅速变化，加密货币市场的清算价为8.45亿美元。

Most of the liquidations occurred on Binance, with $604.47 million in crypto futures getting liquidated on the exchange. In comparison, OKX saw $106.35 million in liquidations, and Bybit saw $94.34 million.

大多数清算发生在二元时，有6.0447亿美元的加密期货在交易所清算。相比之下，OKX的清算票价为1.0635亿美元，拜比特（Bybit）看到了9434万美元。

CoinGlass notes that the OI growth relative to Bitcoin’s price since Q2 highlights how bullish traders are. At the start of Q2, the cryptocurrency’s price was around $90k, and OI was at 100k BTC. Now, as BTC approaches $110k, OI has nearly doubled to 199.72k BTC.

Coinglass指出，自第2季度以来，OI增长相对于比特币的价格强调了看涨的商人。在第二季度开始时，加密货币的价格约为9万美元，OI为100k BTC。现在，随着BTC接近11万美元，OI几乎翻了一番，达到199.72k BTC。

Another driver of Bitcoin’s recent push to $107k is the “unexpectedly bullish turn in US trade diplomacy,” adds trading firm QCP Capital.

贸易公司QCP Capital补充说，比特币最近推向107,000美元的另一个驱动力是“意想不到的看涨美国贸易外交”。

Providing their insight into crypto’s short-term future, QCP Capital noted that the rebound in cryptos has “outpaced equities, with BTC edging close to all-time highs.”

QCP Capital提供了对加密货币短期未来的洞察力，他指出，加密货币的反弹已经超过了股票，而BTC的边缘接近历史最高点”。

The trading firm adds, “there is further room for digital assets to rally,” and attributes Coinbase’s inclusion into the S&P 500 on May 19 as a catalyst.

这家贸易公司补充说：“数字资产还有进一步的集会空间”，并将Coinbase于5月19日以催化剂的形式归因于标准普尔500指数。

“History tells us that index inclusion tends to act as a short-term catalyst, as passive managers adjust their allocations to track the benchmark more closely.”

“历史告诉我们，随着被动经理调整其分配以更仔细地跟踪基准，索引包容倾向于作为短期催化剂。”

Finally, filings with the U.S. Securities and Exchange Commission (SEC) last week showed that MetaPlanet and MicroStrategy (NASDAQ:MSTR) accumulated 1,004 and 7,390 BTCs, respectively. This is another interesting development that could help push Bitcoin price higher.

最后，上周向美国证券交易委员会（SEC）提交的文件显示，Metaplanet和MicroStrategy（NASDAQ：MSTR）分别累积了1,004和7,390 BTC。这是另一个有趣的发展，可以帮助提高比特币价格。

May also saw a record inflow of 3.3 billion into crypto spot ETFs, surpassing April’s 2.97 billion netflow and continuing the strong start to the year.

梅还将创纪录的33亿美元流入加密货币ETF，超过4月份的29.7亿NETFLOW，并持续了本年度的强劲开端。

Bitcoin Price Forecast: Technical Analysis

比特币价格预测：技术分析

The fundamentals and on-chain metrics are clearly bullish and forecast a sustained growth for Bitcoin. However, the technicals provide a much more nuanced outlook – futures and options data show that the short-term outlook is treacherous with the possibility of an ATH retest and a potential crash.

基本面和链界指标显然是看好的，并预测比特币的持续增长。但是，技术提供了更加细微的前景 - 期货和期权数据表明，短期前景是危险的，有可能进行ATH重新测试和潜在的崩溃。

Bitcoin’s aggregated Implied Volatility (IV) index is at a 10-month low, warning traders to be cautious. This metric averages IVs across multiple timeframes for BTC and evaluates deviations from the mean to determine overextended moves. A high deviation signals expectations are skewed and often leads to price reversals. The data is calculated using Volmex’s Implied Volatility Indices.

比特币的汇总隐含波动率（IV）指数处于10个月的低点，警告交易者要谨慎。该度量平均为BTC的多个时间表，并评估与平均值的偏差以确定过度扩展的动作。高偏差的信号期望偏斜，通常会导致价格逆转。数据是使用Volmex的隐含波动率指数计算得出的。

The divergence between dropping IV and rallying Bitcoin price signals heightened uncertainty. In BTC’s case, it could be due to potential profit-taking, resistance levels, or fear of corrections.

下降IV和拉力币价格信号之间的差异提高了不确定性。在BTC的情况下，这可能是由于潜在的利润，抵抗水平或对更正的恐惧。

Supporting this slightly bearish outlook for Bitcoin price is the Relative Strength Index (RSI) hovering in the overbought zone. Interestingly, RSI has produced lower highs since May 10 while BTC has been setting up higher highs. This non-conformity is known as bearish divergence and often signals an impending pullback.

支持比特币价格的这种看跌的前景是徘徊在过多的区域中的相对强度指数（RSI）。有趣的是，自5月10日以来，RSI在BTC建立较高的高点时产生了较低的高点。这种不合格被称为看跌差异，通常标志着即将发生的回调。

While a short-term spike in buying pressure could push Bitcoin price to ATH or even set up a new one at $110,000, it is unlikely that it will sustain there due to the aforementioned warning signals.

尽管短期购买压力的高峰可能会将比特币价格推向ATH，甚至以110,000美元的价格设定了一个新的价格，但由于上述警告信号，它不可能在那里持续下去。

Highlighting this short-term uncertainty are CME Open Interest and Annualized Basis, both of which are flat. This outlook suggests that more sophisticated investors do not believe in a sustained breakout of the ATH.

强调这种短期不确定性是CME开放兴趣和年度化基础，它们都是平坦的。这种前景表明，更复杂的投资者不相信ATH的持续突破。

Hence, investors are advised to exercise caution in the short term as Bitcoin’s price could hit a new ATH and still trigger a brutal sell-off.

因此，建议投资者在短期内谨慎行事，因为比特币的价格可能达到新的ATH，并且仍然触发残酷的抛售。

Investors are advised to heed the technical analysis signals in the short term as they could determine the immediate price trend.

建议投资者在短期内注意技术分析信号，因为他们可以确定立即的价格趋势。