比特幣：為什麼 10 萬美元還沒贏得

昨天，比特幣價格在 Bitstamp 上突破 10 萬美元，達到 99,500 美元，隨後短暫回落至 96,000 美元以下。

As Bitcoin approached the long-awaited grail of $100,000, the tension was palpable. Yesterday, observers thought they would witness the big leap, but the flagship crypto played coy, flirting with the peaks without fully venturing there.

當比特幣逼近期待已久的 10 萬美元目標時，緊張氣氛顯而易見。昨天，觀察家們認為他們會見證這一巨大飛躍，但旗艦加密貨幣表現得靦腆，在沒有完全冒險的情況下與高峰調情。

Behind this euphoria lay a far more complex reality - massive sales to defuse, and a market ready to explode. So, is it just a pause or a real trap for investors? Let's dive into this ascent that is as fascinating as it is concerning.

這種欣喜的背後隱藏著一個更複雜的現實——大量的銷售待平息，而市場即將爆發。那麼，對投資人來說，這只是一個暫停還是一個真正的陷阱？讓我們深入探討一下這條既令人著迷又令人擔憂的攀登。

Bitcoin: Why the $100,000 are not yet won

比特幣：為什麼 10 萬美元還沒贏

The price of bitcoin brushed against $100,000 yesterday, reaching $99,500 on Bitstamp, before briefly retreating below $96,000. However, the bulls do not seem to have said their last word. According to trader Skew, the symbolic barrier is almost within reach, but a major obstacle persists: an accumulation of “sell walls” in the $99,000 area.

昨天，比特幣價格在 Bitstamp 上突破 10 萬美元，達到 99,500 美元，隨後短暫回落至 96,000 美元以下。然而，多頭似乎還沒有說出最後一句話。根據交易員 Skew 的說法，象徵性障礙幾乎觸手可及，但一個主要障礙仍然存在：99,000 美元區域積累的「賣出牆」。

These massive sell orders are slowing down BTC's ascent, but each advance nibbles away at this obstacle. Skew predicts that a breach of $100,000 could trigger a “violent breakout”.

這些大量的賣單正在減緩比特幣的上漲速度，但每一次上漲都在蠶食這一障礙。 Skew 預測，突破 10 萬美元可能會引發「暴力突破」。

Despite this, some investors still risk taking short positions, hoping for a market reversal. A risky strategy: recent data shows that more than $115 million in shorts were liquidated in just one day.

儘管如此，一些投資者仍然冒險做空，希望市場能逆轉。一項有風險的策略：最近的數據顯示，短短一天內就有超過 1.15 億美元的空頭被清算。

A situation that Keith Alan, co-founder of Material Indicators, describes as a “short trap”:

Material Indicators 聯合創始人 Keith Alan 將這種情況描述為「空頭陷阱」：

“If you take the bait, prepare to be crushed.”

“如果你上鉤了，就做好被壓垮的準備吧。”

Once this resistance is lifted, bitcoin could well enter a parabolic phase, sweeping everything in its path.

一旦這種阻力被解除，比特幣很可能會進入拋物線階段，席捲其路徑上的一切。

Crypto: The volume pause, a calm before the storm?

加密貨幣：成交量暫停，暴風雨前的寧靜？

If BTC's figures are impressive, the rest of the crypto market showed a more cautious face. On Binance, for example, spot trading volumes saw a spectacular peak of $60 billion at the beginning of November, before halving. A decline that intrigued analysts.

如果說 BTC 的數據令人印象深刻，那麼加密貨幣市場的其他部分則表現出更謹慎的態度。例如，在幣安上，現貨交易量在 11 月初達到 600 億美元的驚人峰值，然後減半。這種下降引起了分析師的興趣。

For Darkfost from CryptoQuant, this slowdown might indicate a period of reflection for investors. “Less activity can reduce volatility, but it also curbs euphoric surges,” he explained.

對於 CryptoQuant 的 Darkfost 來說，這種放緩可能預示著投資者需要一段反思期。 「減少活動可以減少波動性，但也會抑制欣快感的激增，」他解釋道。

This decline in volumes also served as a warning: a market that is too calm could lead to a volatility explosion at the slightest significant movement. This general caution did not prevent some assets from exploring new heights, but it highlighted a reality: even at the dawn of $100,000, the market remained fragile, dependent on a balance between optimism and distrust.

交易量的下降也是一個警告：過於平靜的市場可能會導致稍微重大波動就會導致波動性爆炸。這種普遍的謹慎並沒有阻止一些資產探索新的高度，但它凸顯了一個現實：即使在 10 萬美元的黎明時，市場仍然脆弱，依賴於樂觀和不信任之間的平衡。

In this environment, every decision could weigh heavily. Seasoned investors knew this: patience was as formidable as it was risky.

在這種環境下，每一個決定都可能舉足輕重。經驗豐富的投資人知道這一點：耐心既可怕又危險。

Crossing $100,000 will not be a mere formality for bitcoin. Between significant challenges related to derivatives and the need for institutional coordination, this flagship crypto must prove that its potential can outlast the whims of the markets. The road is still long, but the suspense remains at its peak.

對於比特幣來說，突破 10 萬美元不僅僅是一種形式。在與衍生性商品相關的重大挑戰和機構協調的需要之間，這種旗艦加密貨幣必須證明其潛力能夠超越市場的突發奇想。路還很長，但懸念仍是巔峰。

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