中國和歐洲的貨幣刺激增加了投資者對比特幣價格的關注。

隨著DXY削弱，美國美聯儲承受降低利率的政治壓力。

Bitcoin (BTC) traders were somewhat puzzled by BTC price jumping to $85,000, especially since the S&P 500 index has dropped 5.7% in April, and this move came after the cryptocurrency managed a 14% rebound off its trade-war induced crash to $74,400.

比特幣（BTC）交易員因BTC價格上漲至85,000美元而感到困惑，尤其是因為標準普爾500指數在4月下降了5.7％，此舉是在加密貨幣管理了14％的交易中，其商業企業將其股票置於14％的折扣之後，造成了撞車事故，至74,400美元。

Investors are cautiously optimistic, but multiple events and data points to further gains above $90,000. Several metrics and events support a “decoupling,” meaning Bitcoin’s price is not closely following traditional financial instruments. However, some skepticism emerges as BTC has not yet matched gold’s performance. Gold reached an all-time high of $3,358 on April 16, leading to speculation that governments and central banks are increasing their gold reserves.

投資者謹慎樂觀，但是多個事件和數據點可以進一步增長90,000美元。幾個指標和事件支持“脫鉤”，這意味著比特幣的價格並不緊密地遵循傳統的金融工具。但是，由於BTC尚未與Gold的表現相匹配，因此出現了一些懷疑。黃金在4月16日達到3,358美元的歷史最高點，導致人們猜測政府和中央銀行正在增加其黃金儲備。

Global stimulus rises as US economy shows early weakness

隨著美國經濟表現出早期弱點，全球刺激升高

As central banks respond to the threat of an economic recession, the chances of an increase in monetary supply are rising. While the U.S. Federal Reserve (Fed) has held off on lowering interest rates or expanding its balance sheet, other nations have already taken such steps. This puts more pressure on the U.S. economy, which is beginning to show signs of weakness.

隨著中央銀行應對經濟衰退的威脅，貨幣供應增加的機會正在增加。儘管美國美聯儲（美聯儲）降低了利率或擴大資產負債表，但其他國家已經採取了這樣的步驟。這給美國經濟帶來了更大的壓力，這開始顯示出弱點的跡象。

In China, new bank loans in March rebounded more than expected to $500 billion, over 20% higher than analysts had predicted and a strong recovery from the previous month’s decline. According to Reuters, the PBOC has promised to increase stimulus measures to reduce the impact of the trade war with the United States.

在中國，3月份的新銀行貸款反彈超過預期的5000億美元，比分析師預期的高20％以上，並從上個月的下降中獲得了強勁的回報。據路透社報導，PBOC已承諾會增加刺激措施，以減少貿易戰與美國的影響。

On April 17, the European Central Bank cut interest rates for the seventh time in a year to support the eurozone economy. The ECB has lowered the cost of capital to its lowest level since late 2022. Several investment banks have also reduced their inflation forecasts for the region, as the tariff war could reduce the region’s gross domestic product by 0.5%, according to Reuters.

4月17日，歐洲中央銀行一年來第七次降低利率，以支持歐元區經濟。歐洲央行已將資本成本降低到2022年底以來的最低水平。據路透社報導，由於關稅戰爭可以將該地區的國內生產總值降低0.5％，因此幾家投資銀行也降低了其通貨膨脹預測。

Weaker U.S. dollar and Bitcoin miners’ long-term commitment

美元和比特幣礦工的長期承諾

Further adding pressure on the U.S. Federal Reserve to end its restrictive monetary policy is the weakening of the U.S. dollar compared to major global currencies, as the DXY Index has dropped to its lowest level in three years. A weaker dollar usually helps exports, which can be positive for the current account balance, but this is unlikely to last during a trade war.

與全球主要的貨幣相比，美國美聯儲進一步增加了美國美聯儲結束其限制性貨幣政策的壓力，因為DXY指數在三年內已下降到最低水平。較弱的美元通常有助於出口，這對經常賬戶餘額可能是積極的，但這在貿易戰期間不太可能持續下去。

Investor confidence has also been hurt by U.S. President Donald Trump’s public criticism of Fed Chair Jerome Powell’s administration. This situation makes it harder for the U.S. Treasury to rely on issuing Treasurys to stay afloat, which further weakens the U.S. dollar. President Trump even said that Powell’s removal “cannot come fast enough,” while also calling for lower interest rates.

投資者的信心也受到美國總統唐納德·特朗普（Donald Trump）對美聯儲主席杰羅姆·鮑威爾（Jerome Powell）政府的公眾批評的傷害。這種情況使美國財政部更難依靠發行財政部來維持生計，從而進一步削弱了美元。特朗普總統甚至說，鮑威爾的撤職“進步不夠快”，同時也要求降低利率。

However, when looking at the current macroeconomic data, there is little reason to support a more relaxed monetary policy from the U.S. Fed, especially after the latest U.S. jobless claims reported on April 17. Initial claims fell by 9,000 to 215,000 in the week ending April 12, according to the U.S. Labor Department. Powell repeated on April 16 that the labor market is in a “solid condition,” according to Reuters.

但是，在查看當前的宏觀經濟數據時，幾乎沒有理由支持美國美聯儲的更輕鬆的貨幣政策，尤其是在4月17日舉行的最新美國失業索賠。根據美國勞工部的數據，截至4月12日的一周的最初索賠下降了9,000至215,000。據路透社報導，鮑威爾在4月16日重複說，勞動力市場處於“穩定狀態”。

Related: When gold price hits new highs, history shows ‘Bitcoin follows’ within 150 days — Analyst

相關：當黃金價格達到新高點時，歷史顯示了150天內的“比特幣跟隨” - 分析師

Bitcoin miners have also shown a strong long-term commitment, as the hashrate increased by 8% compared to the previous month. Since the Bitcoin halving in April 2024, traders were worried that lower profits would cause many miners to leave, possibly leading to a sell-off, since miners reportedly hold almost 1.8 million BTC, according to Glassnode.

比特幣礦工也表現出了強勁的長期承諾，因為與上個月相比，哈希酸鹽增加了8％。據GlassNode稱，自2024年4月的比特幣減半以來，貿易商擔心較低的利潤會導致許多礦工離開，這可能會導致拋售，因為據報導礦工持有近​​180萬BTC。