由于市场情绪仍然看跌，比特币（BTC）市场周期进入特殊阶段

比特币正在经历其市场周期中的一个特殊阶段，最近突破了历史高点 (ATH)，并坚守在 100,000 美元的关键水平之上。

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.

比特币价格正处于市场周期的一个特殊阶段。最近突破了历史高点 (ATH) 并坚守在 100,000 美元的关键水平上方，人们预计将出现压倒性的看涨情绪和投资者活动的激增。然而，市场正在呈现一些相互矛盾的信号。

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.

虽然比特币价格创下新高，但网络活动方面正在出现令人担忧的趋势。根据加密货币领域顶级分析师阿克塞尔·阿德勒 (Axel Adler) 分享的数据，比特币网络上活跃地址量的每周变化目前处于负值区域。

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.

活动的下降表明每周参与网络的参与者较少。从本质上讲，考虑到比特币近期的价格走强以及接近新的历史高点，市场的走势比人们预期的要慢。

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.

这种活动的平静可能是比特币反弹进入更戏剧性阶段的前兆。随着价格越来越接近下一波上涨，新投资者进入市场的潜力就会增加。强劲的上涨可能会产生新的需求，重振网络活动并增强看涨势头。

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，比特币的发展轨迹取决于其维持当前水平并激发新兴趣的能力。随着四年周期进入最后阶段，所有人的目光都集中在比特币身上，以确定这一盘整阶段是否只是暴风雨前的平静，为另一次历史性反弹铺平道路。投资者正在密切关注情绪将与价格走势保持一致的迹象，从而推动比特币旅程的下一章。