Analysis: Over 2 million BTC are concentrated in the trading range of $62,000 to $64,000, which may form significant support

Trader Murphy (@Murphychen888) posted on the X platform, stating that despite multiple negative influences such as the pullback in U.S. stocks, Strategy selling BTC, and the rebound in oil prices, BTC has not shown a significant decline, which may be related to its chip structure. Data shows that over 2 million BTC have been concentrated in the trading range of $62,000 to $64,000, causing the cost for many holders to converge, resulting in a low willingness to sell in the short term.

He indicated that BTC experienced nearly two months of low volatility sideways movement, and within three days, it quickly rose from $64,000 to $75,000. However, the chips around $63,000 have not significantly decreased, while the chips in the range of $68,000 to $74,000 remain relatively sparse, indicating that holders in the previously concentrated area have not taken large-scale profits. He expects that as the price continues to rise, the chips may gradually loosen and form a new chip concentration area; if a new effective support is not formed, BTC may test the support strength of the chip concentration area around $62,000 to $63,000 again.