比特幣（BTC）看漲階段確認，永續掉期未平倉合約觸及多年高點

在價格走勢和引人注目的鏈上數據的支持下，比特幣已進入確認的看漲階段。

Bitcoin price has soared to a new all-time high once again, reaching $79,780. This marks the fourth time in just five days that BTC has set a record high, firmly establishing a bullish phase that began when it broke its previous all-time high in March.

比特幣價格再次飆升至歷史新高，達到 79,780 美元。這標誌著 BTC 在短短五天內第四次創下歷史新高，堅定地確立了自 3 月突破歷史新高以來開始的看漲階段。

Market optimism surged following Donald Trump’s recent victory in the US election, adding momentum to Bitcoin’s rise. According to IntoTheBlock data, open interest in perpetual swaps has reached its highest ratio to market cap since the FTX collapse. This metric often indicates heightened market interest and potential future volatility.

唐納德·川普最近在美國大選中獲勝後，市場樂觀情緒高漲，為比特幣的上漲增添了動力。根據 IntoTheBlock 的數據，永續合約的未平倉合約與市值的比率已達到自 FTX 崩潰以來的最高水平。此指標通常表示市場興趣增加和未來潛在的波動性。

Bitcoin has now entered a confirmed bullish phase, supported by both price action and compelling on-chain data. IntoTheBlock recently reported that open interest in perpetual swaps has reached its highest ratio to market cap since the FTX collapse. This surge in open interest highlights the intense trader interest in BTC derivatives, as participants are increasingly speculating on Bitcoin’s price movements through leveraged positions.

在價格走勢和引人注目的鏈上數據的支持下，比特幣現已進入確認的看漲階段。 IntoTheBlock 最近報告稱，永續合約的未平倉合約與市值之比已達到自 FTX 崩潰以來的最高水平。未平倉合約的激增凸顯了交易者對比特幣衍生品的濃厚興趣，因為參與者越來越多地透過槓桿頭寸猜測比特幣的價格走勢。

A high open interest-to-market-cap ratio can often signal heightened market expectations for significant price moves. In BTC’s case, this surge in derivatives trading suggests that traders are anticipating either upward or downward price volatility. The high leverage involved in open interest also means that even small price changes can lead to substantial gains or losses for these traders, amplifying BTC’s short-term volatility.

較高的未平倉合約與市值比率通常可以顯示市場對價格大幅波動的預期增強。就比特幣而言，衍生性商品交易的激增表明交易者預計價格波動會向上或向下。未平倉合約的高槓桿率也意味著，即使很小的價格變化也可能為這些交易者帶來巨大的收益或損失，從而放大比特幣的短期波動性。

If the price continues to rise in line with trader expectations, this elevated open interest could propel a powerful upward movement as leveraged positions gain momentum. This scenario, however, carries risks: if BTC were to reverse direction, many leveraged positions could face liquidation.

如果價格繼續按照交易者的預期上漲，隨著槓桿部位獲得動力，未平倉合約的增加可能會推動強勁的上漲走勢。然而，這種情況存在風險：如果比特幣反轉，許多槓桿部位可能面臨清算。

This would force traders to close out their positions at a loss, potentially triggering a cascade of liquidations that could temporarily drive the price down sharply. As such, the coming weeks could bring both significant gains and heightened volatility as Bitcoin’s bullish phase unfolds.

這將迫使交易者虧損平倉，可能引發一連串的清算，從而暫時推動價格大幅下跌。因此，隨著比特幣看漲階段的展開，未來幾週可能會帶來顯著的收益和加劇的波動性。

BTC is testing price discovery territory, having surged over 19% since Monday and on track for its highest weekly close ever. The price action has confirmed a bullish trend after consistently breaking all-time highs four times in the past five days, signaling strong momentum. BTC now looks set to continue rallying, at least in the near term.

BTC 正在測試價格發現領域，自周一以來已飆升超過 19%，並有望創下有史以來最高的周收盤價。在過去五天內四次連續突破歷史高點後，價格走勢證實了看漲趨勢，顯示勢頭強勁。比特幣現在看起來將繼續上漲，至少在短期內是如此。

A pullback to the $73,800 level would maintain the bullish structure. This price point represents a key resistance level that was recently broken and could now act as strong support. If Bitcoin can hold above this level after a retrace, it would solidify the bullish trend and provide the fuel needed for further upside.

回調至 73,800 美元水準將維持看漲結構。這個價格點代表了最近被突破的關鍵阻力位，現在可以作為強而有力的支撐。如果比特幣在回撤後能夠保持在這一水平之上，它將鞏固看漲趨勢，並為進一步上漲提供所需的燃料。

While the bullish momentum is undeniable, the increase in speculative activity and high-leverage trades entering the market could lead to sharp price swings. If the market faces a pullback, it will be crucial to observe whether key support levels, such as $73,800, hold. This would confirm that the trend is intact and allow Bitcoin to continue its upward trajectory without losing significant ground.

雖然看漲勢頭是不可否認的，但進入市場的投機活動和高槓桿交易的增加可能會導致價格大幅波動。如果市場面臨回調，觀察關鍵支撐位（例如 73,800 美元）是否能守住至關重要。這將證實趨勢完好無損，並使比特幣能夠繼續其上升軌跡，而不會失去重大基礎。