Analysis: BTC has accumulated 921,000 chips around $83,000, and the long-short game may reach a critical juncture

Cryptocurrency market analyst Murphy stated that BTC has accumulated approximately 921,000 chips around the $83,000 mark, approaching the milestone of 1 million. The last time a similar scale was observed was on August 3 of this year, when the chips at that price level reached about 1.05 million.

Regarding the historical Coinbase wallet chips that may be included, Murphy indicated that about 550,000 BTC are related to the Coinbase wallet consolidation from a year ago, but it is currently unclear how many positions remain. According to his estimates, there may only be 100,000 to 200,000 left, so this factor can be temporarily ignored. BTC has entered the first chip gap area below $83,000. Since the price did not fully exchange hands when passing through this area previously, the price returning to this range creates an attraction effect, prompting chips to be re-exchanged and fill the gap.

BTC faced resistance when attempting to move downward and may look for a direction with less resistance again. The $83,000 mark is also an important focus in the current long-short battle; any party gaining an advantage could drive the market to form a new trend.