由於市場情緒仍看跌，比特幣（BTC）市場週期進入特殊階段

比特幣正在經歷其市場週期中的一個特殊階段，最近突破了歷史高點 (ATH)，並堅守在 10 萬美元的關鍵水平之上。

Bitcoin price is navigating a peculiar phase in its market cycle. Having recently broken its all-time high (ATH) and holding strong above the critical $100,000 level, one would expect overwhelmingly bullish sentiment and a surge in investor activity. However, the market is presenting some conflicting signals.

比特幣價格正處於市場週期的一個特殊階段。最近突破了歷史高點 (ATH) 並堅守在 10 萬美元的關鍵水平上方，人們預計將出現壓倒性的看漲情緒和投資者活動的激增。然而，市場正在呈現一些相互矛盾的訊號。

While Bitcoin fiyatı is making new highs, a concerning trend is emerging in terms of network activity. According to data shared by Axel Adler, a top analyst in the crypto space, weekly changes in the volume of active addresses on the Bitcoin network are currently in negative territory.

雖然比特幣價格創下新高，但網路活動方面正在出現令人擔憂的趨勢。根據加密貨幣領域頂級分析師 Axel Adler 分享的數據，比特幣網路上活躍地址量的每週變化目前處於負值區域。

This decline in activity suggests that fewer participants are engaging with the network on a weekly basis. In essence, the market is moving slower than one might expect given BTC’s recent price strength and proximity to new all-time highs.

活動的下降表明每週參與網路的參與者較少。從本質上講，考慮到比特幣近期的價格走強以及接近新的歷史高點，市場的走勢比人們預期的要慢。

This lull in activity could be a precursor to a more dramatic phase in Bitcoin’s rally. As the price inches closer to the next leg up, the potential for new investors to enter the market rises. A strong push upward would likely generate fresh demand, revitalizing network activity and reinforcing the bullish momentum.

這種活動的平靜可能是比特幣反彈進入更戲劇性階段的前兆。隨著價格越來越接近下一波上漲，新投資者進入市場的潛力就會增加。強勁的上漲可能會產生新的需求，重振網路活動並增強看漲勢頭。

For now, Bitcoin’s trajectory hinges on its ability to sustain current levels and ignite renewed interest. As the 4-year cycle enters its final stage, all eyes are on BTC to determine whether this consolidation phase is simply the calm before the storm, paving the way for another historic rally. Investors are closely watching for signs that sentiment will align with price action, fueling the next chapter in Bitcoin’s journey.

目前，比特幣的發展軌跡取決於其維持當前水準並激發新興趣的能力。隨著四年周期進入最後階段，所有人的目光都集中在比特幣身上，以確定這一盤整階段是否只是暴風雨前的寧靜，為另一次歷史性反彈鋪平道路。投資者正在密切關注情緒將與價格走勢保持一致的跡象，從而推動比特幣旅程的下一章。