Analysis: Bitcoin High Holder Supply Shock On-Chain Indicator Shows Signs of Weakness, Key Support Range at $98,000 to $104,000

BlockBeats News, October 16th, on-chain data analyst Murphy shared the market chip distribution status combined with Unspent Transaction Output Realized Price Distribution (URPD): At a high level (chip loose at $117,000, triggering stop-loss), a new massive chip column was generated at $112,000, indicating a large amount of funds bought the dip here, accumulating a total of 614,000 BTC, also the highest column in the entire chip structure.

If BTC continues to oscillate downwards, based on the current chip structure, Murphy predicts that the "maximum pullback range will occur between $98,000 and $104,000." Of course, the actual situation will be affected by macro policies, market sentiment, and unforeseen black swan events."