与以前的牛市集会不同，比特币（BTC）的当前势头似乎正在展开，没有过多的市场欣快感的迹象

BTC昨天达到了新鲜的历史最高水平 - 交易超过$ 111,000 - 但市场状况仍然相对平静

Unlike prior bull market rallies, Bitcoin’s (BTC) current momentum appears to be unfolding without signs of excessive market euphoria. Several key indicators suggest that this ongoing rally may be more sustainable than those in the past, hinting that BTC could have more room to grow before encountering a significant correction.

与先前的牛市集会不同，比特币（BTC）的当前动量似乎正在展开，没有过多的市场欣快感的迹象。几个关键指标表明，这种持续的集会可能比过去更可持续，这暗示BTC在遇到重大纠正之前可能有更多的生长空间。

BTC Hits New Record High Quietly

BTC悄悄地击中了新纪录

BTC reached a fresh all-time high (ATH) yesterday – trading above $111,000 – yet market conditions remained calm, with little indication of the overheating typically seen during previous market tops.

BTC昨天达到了新鲜的历史最高水平（ATH） - 交易超过111,000美元 - 但市场状况仍然很镇定，几乎没有迹象表明在以前的市场顶级中通常看到的过热。

In a recent CryptoQuant Quicktake post, contributor Crypto Dan noted that funding rates – often used to gauge speculative activity – have remained subdued despite the recent ATH. While long positions have increased, their levels are still significantly lower than during prior bull cycle peaks.

在最近的一个加密快速帖子中，撰稿人加密丹（Crypto Dan）指出，尽管最近有ATH，但经常用来衡量投机活动的资金率（通常用于衡量投机活动）。尽管长位置增加了，但它们的水平仍明显低于先前的牛周期峰。

“Examining the proportion of BTC traded within the last one week to one month reveals short-term capital inflow into the Bitcoin market. During the current rally, such short-term capital inflows into BTC have not been as high as seen in previous rallies.”

“检查在过去一个星期到一个月内交易的BTC比例显示出短期资本流入比特币市场。在当前的集会期间，这种短期资本流入BTC的流入并不像以前的集会那样高。”

While some short-term holders have realized profits, the scale of this profit-taking is far lower than in March or November 2024, both of which were followed by sharp pullbacks and billions in trader liquidations.

尽管一些短期持有人已经意识到了利润，但这种获利的规模远低于2024年3月或11月，这两者之后都是急剧的回调和数十亿美元的交易者清算。

Notably, old Bitcoin whales have been largely inactive in terms of profit-taking, even as the price has reached successive new highs. This reluctance to sell may indicate that major holders are expecting further appreciation in BTC’s price.

值得注意的是，尽管价格已经连续达到新高，但旧的比特币鲸在很大程度上是不活跃的。这种不愿出售的可能表明，主要持有人预计BTC的价格会进一步赞赏。

Meanwhile, institutional demand continues to grow, especially through US-based spot Bitcoin ETFs. According to data from SoSoValue, the total net assets held in these ETFs now amount to approximately $129 billion, which represents around 6% of Bitcoin’s total market cap.

同时，机构需求不断增长，尤其是通过基于美国的现货比特币ETF。根据Sosovalue的数据，这些ETF中持有的净资产总额约为1.29亿美元，约占比特币总市值的6％。

Key Price Levels To Watch Out For

关键价格水平要注意

In a separate X post, noted crypto analyst Ali Martinez highlighted several key levels to monitor as BTC enters uncharted price territory. The analyst outlined $116,000, $126,000, $136,000, and $148,000 as next price levels to watch out for.

在单独的X帖子中，著名的加密分析师阿里·马丁内斯（Ali Martinez）强调了几个关键水平，以监测BTC进入未知的价格领域。这位分析师概述了$ 116,000，$ 126,000，136,000美元和148,000美元的下一个价格水平。

Similarly, other analysts point toward positive technical indicators that may propel BTC to even higher-highs. For instance, Titan of Crypto recently noted that BTC is nearing a bullish Golden Cross formation on the weekly chart.

同样，其他分析师指出的是积极的技术指标，这些指标可能会推动BTC更高的高位。例如，Crypto的Titan最近指出，BTC在每周图表上接近看涨的黄金十字架。

Additionally, crypto analyst Ted Pillows recently stated that BTC may have entered the final phase of a Wyckoff Accumulation pattern, with the next leg potentially pushing the price as high as $120,000.

此外，加密分析师TED Pillows最近表示，BTC可能进入了Wyckoff积累模式的最后阶段，下一回合可能会将价格提高到120,000美元。

At press time, BTC trades at $110,800, up 3% in the past 24 hours.

发稿时，BTC的交易价格为110,800美元，在过去24小时内增长了3％。