Analysis: Bitcoin Faces Intense Supply Distribution at $87,000, Signaling Market Directional Bias

BlockBeats News, December 26th, data analyst Murphy stated that the Bitcoin cost distribution chart shows that Bitcoin has a significant chip distribution (large volume bar) at two prices: $87,000 and $84,500, higher than other prices. After excluding the wallet consolidation factor on November 22nd, there are currently 1.12 million BTC in the $83,300-$84,500 range, of which the actual turnover should be reduced by at least half. Therefore, $87,000 is the highest volume bar, and also the strongest support level in the current chip structure.

Based on past experience, once a large number of chips are simultaneously concentrated in a narrow range to form a large volume bar, it means the market is about to choose a direction. The essence of chip stacking is the long and short divergence, and when the game reaches a critical point, a winner must be determined. Murphy believes that currently, from the perspective of the chip structure, it is bullish. As long as the effective support of the large volume bar can be maintained next, the direction will be more definitive.