<p>超过 40 亿美元的多头头寸现在距离清算仅一步之遥，接近 77,000 美元——这一数字凸显了比特币在 80,000 美元以上保持当前支撑的重要性。</p>
<p><strong>空头持续重建，持续被烧</strong></p>
<p>比特币研究员 Axel Adler Jr.追踪的数据表明，自 2 月初以来，近 80 亿美元的空头头寸被强制平仓，其中在 2 月 13 日的单日峰值达到了 7.37 亿美元。</p>
<p>这些清算并不是一次性发生的。它们分为三波，从 2 月到 4 月，每一波都是在看跌交易者在更高价格水平重建头寸时触发的——结果又一次被价格坚挺所困。</p>
<p>每日清算量曾降至 200 万到 2800 万美元的范围，然后在 5 月 4 日飙升至 1.75 亿美元。这一跳升发生在一个相对平静的周内，表明在 80,000 美元附近又有新的空头头寸被建立。</p>
<p>报告称，这种反复出现的模式显示交易者持续对价格下注——并且不断被迫退出。</p>
<p>Adler 的趋势脉冲模型提供了背景信息。比特币在 4 月初从熊市模式转入中性区域。短期动能已转为正面，尽管完全的看涨信号需要 30 日简单移动平均线突破 200 日。</p>
<p>根据数据，到目前为止，每一波主要的清算都发生在趋势处于这个中性区域时——这是一个过渡阶段，反复让空头卖家感到意外。</p>
<p><strong>上升的未平仓合约增加了压力</strong></p>
<p>截至 5 月初，比特币在所有交易所的未平仓合约增加了 6%，接近 300 亿美元，为 1 月 31 日以来的最高水平。这一增长意味着市场对突然的价格波动——无论是上涨还是下跌——更加敏感。</p>
<p>资金费率仍接近-0.0045，表明空头压力仍然存在，而多头头寸尚未拥挤。</p>
<p>市场分析师 Coin Niel 报告称，5 月 5 日的净交易所流出为 837 BTC，此前的周一流出量更大，达 6590 BTC。</p>
<p>持续的流出通常反映出积累，因为币从交易所转移到私人钱包，减少了可立即出售的供应。</p>
<p>比特币突破了一个在整个 4 月限制价格上涨的下降趋势线。100 日指数移动平均线现在位于当前价格下方，充当动态支撑。</p>
<p>短期持有者的成本基础接近 81,500 美元，这一水平使得近期买家保持盈利，并可能在短期内进一步减少卖压。前方供应区，若跌幅较大</p>
<p>86,000 到 90,000 美元的区间代表了之前的卖出活动区域——在上次反弹期间，卖家在此区域介入并将价格压回。这一区域是任何持续反弹的下一个主要考验。</p>
<p><em>图片来自 Vecteezy，图表来自 TradingView</em></p>

2 倍做多 MSTR ETF - Defiance

2 倍做多加密货币行业 ETF - Direxion

博时比特币-U

<p>比特币接近 90,000 美元，空头面临重大损失，超过 40 亿美元的多头头寸在 77,000 美元附近处于风险之中。自 2 月份以来，近 80 亿美元的空头头寸被平仓，显示出空头交易者被突袭的趋势。比特币的未平仓合约激增至近 300 亿美元，市场敏感性加剧。价格突破了下降趋势线，关键阻力区间在 86,000 美元到 90,000 美元之间。短期持有者的成本基础约为 81,500 美元，可能会减少卖压</p>

<p>More than $4 billion in long positions now sit within striking distance of liquidation near $77,000 — a figure that underscores just how much is riding on Bitcoin holding its current footing above $80,000.</p>
<div class="lb-trans"><p>超过 40 亿美元的多头头寸现在距离清算仅一步之遥，接近 77,000 美元——这一数字凸显了比特币在 80,000 美元以上保持当前支撑的重要性。</p>
</div><p><strong>Bears Keep Rebuilding, Keep Getting Burned</strong></p>
<div class="lb-trans"><p><strong>空头持续重建，持续被烧</strong></p>
</div><p>Data tracked by Bitcoin researcher Axel Adler Jr. shows that close to $8 billion in short positions have been forcibly closed since early February, with the largest single-day spike hitting $737 million on Feb. 13.</p>
<div class="lb-trans"><p>比特币研究员 Axel Adler Jr.追踪的数据表明，自 2 月初以来，近 80 亿美元的空头头寸被强制平仓，其中在 2 月 13 日的单日峰值达到了 7.37 亿美元。</p>
</div><p>The liquidations did not come all at once. They arrived in three separate waves stretching from February through April, each one triggered as bearish traders rebuilt positions at higher price levels — only to get caught again as the price held firm.</p>
<div class="lb-trans"><p>这些清算并不是一次性发生的。它们分为三波，从 2 月到 4 月，每一波都是在看跌交易者在更高价格水平重建头寸时触发的——结果又一次被价格坚挺所困。</p>
</div><p>Daily liquidation volumes had dropped to a range of $2 to $28 million before spiking back to $175 million on May 4. That jump came during an otherwise quiet week, pointing to fresh short exposure being built near $80,000.</p>
<div class="lb-trans"><p>每日清算量曾降至 200 万到 2800 万美元的范围，然后在 5 月 4 日飙升至 1.75 亿美元。这一跳升发生在一个相对平静的周内，表明在 80,000 美元附近又有新的空头头寸被建立。</p>
</div><p>Reports say the recurring pattern shows traders consistently betting against the price — and consistently being forced out.</p>
<div class="lb-trans"><p>报告称，这种反复出现的模式显示交易者持续对价格下注——并且不断被迫退出。</p>
</div><p>Adler’s trend pulse model adds context. Bitcoin moved out of bear mode and into neutral territory in early April. Short-term momentum has turned positive, though a full bullish signal would require the 30-day simple moving average to cross above the 200-day.</p>
<div class="lb-trans"><p>Adler 的趋势脉冲模型提供了背景信息。比特币在 4 月初从熊市模式转入中性区域。短期动能已转为正面，尽管完全的看涨信号需要 30 日简单移动平均线突破 200 日。</p>
</div><p>According to the data, every major liquidation wave so far has occurred while the trend sat in this neutral zone — a transition phase that has repeatedly caught short sellers off guard.</p>
<div class="lb-trans"><p>根据数据，到目前为止，每一波主要的清算都发生在趋势处于这个中性区域时——这是一个过渡阶段，反复让空头卖家感到意外。</p>
</div><p><strong>Rising Open Interest Adds To The Pressure</strong></p>
<div class="lb-trans"><p><strong>上升的未平仓合约增加了压力</strong></p>
</div><p>Bitcoin’s open interest across all exchanges climbed 6% to nearly $30 billion as of early May, its highest reading since Jan. 31. That increase means the market is more sensitive to sudden price moves — up or down.</p>
<div class="lb-trans"><p>截至 5 月初，比特币在所有交易所的未平仓合约增加了 6%，接近 300 亿美元，为 1 月 31 日以来的最高水平。这一增长意味着市场对突然的价格波动——无论是上涨还是下跌——更加敏感。</p>
</div><p>Funding rates remain near -0.0045, a sign that short-side pressure is still active while long positions are not yet crowded.</p>
<div class="lb-trans"><p>资金费率仍接近-0.0045，表明空头压力仍然存在，而多头头寸尚未拥挤。</p>
</div><p>Market analyst Coin Niel reported net exchange outflows of 837 BTC on May 5, following a much larger outflow of 6,590 BTC the previous Monday.</p>
<div class="lb-trans"><p>市场分析师 Coin Niel 报告称，5 月 5 日的净交易所流出为 837 BTC，此前的周一流出量更大，达 6590 BTC。</p>
</div><p>Sustained outflows typically reflect accumulation, as coins move off exchanges and into private wallets, reducing available supply for immediate sale.</p>
<div class="lb-trans"><p>持续的流出通常反映出积累，因为币从交易所转移到私人钱包，减少了可立即出售的供应。</p>
</div><p>Bitcoin broke above a descending trendline that had capped price gains throughout April. The 100-day exponential moving average now sits just below the current price, acting as a dynamic floor.</p>
<div class="lb-trans"><p>比特币突破了一个在整个 4 月限制价格上涨的下降趋势线。100 日指数移动平均线现在位于当前价格下方，充当动态支撑。</p>
</div><p>The short-term holder cost basis aligns near $81,500, a level that keeps recent buyers in profit and may further reduce selling pressure in the near term. Supply Zone Ahead, With A Big Drop Below</p>
<div class="lb-trans"><p>短期持有者的成本基础接近 81,500 美元，这一水平使得近期买家保持盈利，并可能在短期内进一步减少卖压。前方供应区，若跌幅较大</p>
</div><p>The $86,000 to $90,000 range represents a zone of prior selling activity — a cluster where sellers stepped in during the last recovery and pushed the price back down. That zone is the next major test for any continued rally.</p>
<div class="lb-trans"><p>86,000 到 90,000 美元的区间代表了之前的卖出活动区域——在上次反弹期间，卖家在此区域介入并将价格压回。这一区域是任何持续反弹的下一个主要考验。</p>
</div><p><em>Featured image from Vecteezy, chart from TradingView</em></p>
<div class="lb-trans"><p><em>图片来自 Vecteezy，图表来自 TradingView</em></p>
</div>

Bitcoin Eyes $90K As Bears Get Burned Again Amid $30B Open Interest Surge

NewsBTC

Fidelity Wise Origin Bitcoin Fund - ETF

华夏比特币

Grayscale Bitcoin Adopters ETF

Bitwise Bitcoin ETF

嘉实比特币

ProShares Bitcoin Strategy ETF

2 倍做多 MARA ETF - GraniteShares

博时比特币

Defiance Leveraged Long + Inc MSTR ETF

GraniteShares 2x Long MSTR Daily ETF

CoinShares Bitcoin ETF

VanEck Bitcoin ETF

比特币目标价位 9 万美元，因未平仓合约激增至 300 亿美元，空头再次遭受重创