比特币（BTC）看涨阶段确认，永续掉期未平仓合约触及多年高点

在价格走势和引人注目的链上数据的支持下，比特币已进入确认的看涨阶段。

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.

比特币价格再次飙升至历史新高，达到 79,780 美元。这标志着 BTC 在短短五天内第四次创下历史新高，坚定地确立了自 3 月份突破历史新高以来开始的看涨阶段。

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.

唐纳德·特朗普最近在美国大选中获胜后，市场乐观情绪高涨，为比特币的上涨增添了动力。根据 IntoTheBlock 的数据，永续合约的未平仓合约与市值的比率已达到自 FTX 崩溃以来的最高水平。该指标通常表明市场兴趣增加和未来潜在的波动性。

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.

在价格走势和引人注目的链上数据的支持下，比特币现已进入确认的看涨阶段。 IntoTheBlock 最近报告称，永续合约的未平仓合约与市值之比已达到自 FTX 崩溃以来的最高水平。未平仓合约的激增凸显了交易者对比特币衍生品的浓厚兴趣，因为参与者越来越多地通过杠杆头寸猜测比特币的价格走势。

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.

较高的未平仓合约与市值比率通常可以表明市场对价格大幅波动的预期增强。就比特币而言，衍生品交易的激增表明交易者预计价格波动会向上或向下。未平仓合约的高杠杆率还意味着，即使很小的价格变化也可能给这些交易者带来巨大的收益或损失，从而放大比特币的短期波动性。

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.

如果价格继续按照交易者的预期上涨，随着杠杆头寸获得动力，未平仓合约的增加可能会推动强劲的上涨走势。然而，这种情况存在风险：如果比特币反转，许多杠杆头寸可能面临清算。

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.

这将迫使交易者亏损平仓，可能引发一连串的清算，从而暂时推动价格大幅下跌。因此，随着比特币看涨阶段的展开，未来几周可能会带来显着的收益和加剧的波动性。

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 正在测试价格发现领域，自周一以来已飙升超过 19%，并有望创下有史以来最高的周收盘价。在过去五天内四次连续突破历史高点后，价格走势证实了看涨趋势，表明势头强劲。比特币现在看起来将继续上涨，至少在短期内是这样。

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.

回调至 73,800 美元水平将维持看涨结构。这个价格点代表了最近被突破的关键阻力位，现在可以作为强有力的支撑。如果比特币在回撤后能够保持在这一水平之上，它将巩固看涨趋势，并为进一步上涨提供所需的燃料。

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.

虽然看涨势头是不可否认的，但进入市场的投机活动和高杠杆交易的增加可能会导致价格大幅波动。如果市场面临回调，观察关键支撑位（例如 73,800 美元）是否能守住至关重要。这将证实趋势完好无损，并使比特币能够继续其上升轨迹，而不会失去重大基础。