中国和欧洲的货币刺激增加了投资者对比特币价格的关注。

随着DXY削弱，美国美联储承受降低利率的政治压力。

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.

比特币（BTC）交易员因BTC价格上涨至85,000美元而感到困惑，尤其是因为标准普尔500指数在4月下降了5.7％，此举是在加密货币管理了14％的交易中，其商业企业将其股票置于14％的折扣之后，造成了撞车事故，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.

投资者谨慎乐观，但是多个事件和数据点可以进一步增长90,000美元。几个指标和事件支持“脱钩”，这意味着比特币的价格并不紧密地遵循传统的金融工具。但是，由于BTC尚未与Gold的表现相匹配，因此出现了一些怀疑。黄金在4月16日达到3,358美元的历史最高点，导致人们猜测政府和中央银行正在增加其黄金储备。

Global stimulus rises as US economy shows early weakness

随着美国经济表现出早期弱点，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.

随着中央银行应对经济衰退的威胁，货币供应增加的机会正在增加。尽管美国美联储（美联储）降低了利率或扩大资产负债表，但其他国家已经采取了这样的步骤。这给美国经济带来了更大的压力，这开始显示出弱点的迹象。

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.

在中国，3月份的新银行贷款反弹超过预期的5000亿美元，比分析师预期的高20％以上，并从上个月的下降中获得了强劲的回报。据路透社报道，PBOC已承诺会增加刺激措施，以减少贸易战与美国的影响。

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，欧洲中央银行一年来第七次降低利率，以支持欧元区经济。欧洲央行已将资本成本降低到2022年底以来的最低水平。据路透社报道，由于关税战争可以将该地区的国内生产总值降低0.5％，因此几家投资银行也降低了其通货膨胀预测。

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

美元和比特币矿工的长期承诺

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.

与全球主要的货币相比，美国美联储进一步增加了美国美联储结束其限制性货币政策的压力，因为DXY指数在三年内已下降到最低水平。较弱的美元通常有助于出口，这对经常账户余额可能是积极的，但这在贸易战期间不太可能持续下去。

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.

投资者的信心也受到美国总统唐纳德·特朗普（Donald Trump）对美联储主席杰罗姆·鲍威尔（Jerome Powell）政府的公众批评的伤害。这种情况使美国财政部更难依靠发行财政部来维持生计，从而进一步削弱了美元。特朗普总统甚至说，鲍威尔的撤职“进步不够快”，同时也要求降低利率。

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，在查看当前的宏观经济数据时，几乎没有理由支持美国美联储的更轻松的货币政策，尤其是在4月17日举行的最新美国失业索赔。根据美国劳工部的数据，截至4月12日的一周的最初索赔下降了9,000至215,000。据路透社报道，鲍威尔在4月16日重复说，劳动力市场处于“稳定状态”。

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

相关：当黄金价格达到新高点时，历史显示了150天内的“比特币跟随” - 分析师

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.

比特币矿工也表现出了强劲的长期承诺，因为与上个月相比，哈希酸盐增加了8％。据GlassNode称，自2024年4月的比特币减半以来，贸易商担心较低的利润会导致许多矿工离开，这可能会导致抛售，因为据报道矿工持有近​​180万BTC。