Analysis: BTC struggles to break through the large accumulation zone of 93,000 to 118,000, and the lower position gap has been filled

ChainCatcher news, on-chain data analyst Murphy released a market chip structure analysis. A month ago, due to the rapid rise of BTC, there was almost no turnover in the price range of $112,000 to $114,000, resulting in a gap phenomenon in the chip structure (URPD). According to common experience, all "gaps" on the URPD will be filled.

As of August 27, one month later, the gap between $112,000 and $114,000 has been completely filled, linking the original high and low chip accumulation areas, forming an ultra-large chip accumulation area spanning from $93,000 to $118,000. In this range, 5.59 million BTC have accumulated, meaning that in just 9 months from November 20, 2024, more than 5 million BTC were purchased within this price range, accounting for 28% of the total circulation. If we exclude lost coins and long-term "locked" chips such as Satoshi's holdings, this proportion would be even higher.

Unless a sudden "black swan" event occurs, it will be difficult for the BTC price to break through this range. For example, BTC is currently supported at the STH-RP level of $108,000, and there are also 42 BTC as support at the level of $104,000 below it. Currently, there are no obvious gaps on the URPD, with only a shallow gap existing between $72,000 and $80,000.