From on-chain data observations, the distribution of BTC holdings remains stable, with the largest holding area in the range of $93,000 to $98,000, accumulating 2.44 million coins.
If BTC encounters resistance during a rise and enters a correction, the range of $100,000 to $101,500 constitutes short-term support, while the range of $93,000 to $98,000 serves as the key defensive area.
In the short term, the price may not necessarily "rise the same way it falls," but a correction may be difficult to avoid. Despite the U.S. market being closed over the weekend, data as of May 16 shows that BTC ETF has seen a net inflow of $260 million for three consecutive days, while a whale address has spent $226 million to increase its BTC holdings. MicroStrategy founder Michael Saylor updated the BTC tracker yesterday, signaling that institutions and large holders are continuously bottom-fishing.
Against the backdrop of bottom-fishing funds not yet exiting the market, the overall trend of the market may not have ended.
