6 月 10 日，交易员 Benjamin Cowen 在 X 平台指出，历史数据显示，比特币市场周期的顶部往往出现在 200 周简单移动平均线（SMA）穿越前一个历史高点（ATH）之时。他提醒投资者注意这一点。

<div><p>6 月 10 日，交易员 Benjamin Cowen 在 X 平台指出，历史数据显示，比特币市场周期的顶部往往出现在 200 周简单移动平均线（SMA）穿越前一个历史高点（ATH）之时。他提醒投资者注意这一点。</p></div>

观点：比特币周期顶部通常出现在200周均线穿越前高时

On June 10, trader Benjamin Cowen pointed out on the X platform that historical data shows that the top of Bitcoin market cycles tends to occur when the 200-week Simple Moving Average (SMA) crosses the previous All-Time High (ATH). He cautioned investors to pay attention to this.

<div><p>On June 10, trader Benjamin Cowen pointed out on the X platform that historical data shows that the top of Bitcoin market cycles often occurs when the 200-week simple moving average (SMA) crosses the previous all-time high (ATH). He cautioned investors to pay attention to this.</p></div>

Viewpoint: Bitcoin cycle tops usually occur when the 200-week moving average crosses the previous high

Another case of "address poisoning," causing one user to lose $50 million. Photo: Techradar
The attack caused a shock.
A cryptocurrency user lost nearly $50 million USDT after mistakenly transferring the funds to...

Another case of "address poisoning," causing one user to lose $50 million.

Today we saw gold, silver, and palladium all hit new highs! Since the correction at the end of October, gold has been trading above the 25-35 day moving average; silver is rising along the four-hour moving average; and palladium is rising along the three-day moving average.
Synchronization: This "synchronized new highs" usually signifies the start of a major trend. Gold provides "stability," silver provides "elasticity," while the addition of palladium indicates a dual surge in industrial and investment demand.
In this clear upward trend, trading volume has not weakened significantly and no bearish structure has emerged. Don't try to short the short at the top; otherwise, you'll end up with...

Market Analysis | Gold, Silver, and Palladium Hit New Highs! How High Can They Go!?

Chapter 1: Executive Summary and Industry Landscape Analysis
As of December 19, 2025, the global digital asset mining sector is undergoing the most profound structural transformation since the birth of Bitcoin. With Bitcoin's price retreating to the $86,000 range after reaching an all-time high of approximately $125,000 in October 2025, and the total network hashrate surpassing the 1,000 EH/s mark, mining companies face the dual challenges of compressed profit margins and surging capital expenditures in the "post-halving era."

1.1 Industry Differentiation

Figure 1: Analysis of the Relationship between Hashrate and Market Capitalization of Major Mining Companies in 2025

The above figure clearly shows the current...