Analysis: BTC accumulates 921,000 coins near $83,000, long-short battle may reach key juncture

BlockBeats news, October 22 - Crypto market analyst Murphy stated in a post that as of October 22, BTC has accumulated approximately 921,000 coins near $83,000, approaching the 1 million mark. The last time a similar scale occurred was on August 3 this year, when the chips at that price level reached about 1.05 million coins.

Regarding the possible inclusion of Coinbase historical consolidation wallet chips, Murphy stated that approximately 550,000 BTC are related to Coinbase wallet consolidation from a year ago, but it remains unclear how many positions actually remain. According to his estimate, only 100,000 to 200,000 coins may be left, so this factor can be temporarily ignored.

On October 8, BTC entered the first chip gap zone below $83,000. Because the previous price turnover through this area was insufficient, after the price returned to this range, it created a suction effect and drove chips to turn over again and fill the gap. BTC encountered resistance when attempting downward, and may subsequently seek a direction with less resistance upward again. $83,000 is also an important focal point in the current long-short battle, and whichever side gains the advantage may drive the market to form a new trend.