Recent changes in chip dynamics in the Bitcoin market have attracted attention: 240,000 Bitcoins were traded in the range of $116,000 - $118,000. The core logic behind this phenomenon is that some players believe the current market's technical critical point or data threshold is difficult to break through, so they choose to cash out in that range.
A detailed analysis of the chip trajectory shows that these 240,000 Bitcoins primarily come from the chip accumulation area above $93,000, but their overall scale is negligible. What is truly noteworthy is that the range of $93,000 - $108,000 still retains over 4.4 million Bitcoins, accounting for 22% of the total circulation, constituting a large-scale chip dense zone.
Against the backdrop of a rapid price rise, most holders of this large volume of chips choose to remain inactive and are not in a hurry to cash out. For the market, quickly moving the price away from this dense area is the optimal path — by rapidly pushing it up to a higher range, and then gradually digesting the chips in that area, it can promote market development at minimal cost.
On the contrary, if the price fails to break through quickly and stays in that range for too long, it may trigger a loosening of the chips. Once this occurs, the market is likely to fall into repeated fluctuations, which will not only consume a large amount of purchasing power but may also delay the overall upward pace.
However, from the perspective of support strength, the chip zone in the range of $93,000 - $108,000 has sufficient depth and widespread distribution, forming a solid 'defensive wall'. Even if the market experiences a correction, without an extreme panic event triggering a collective sell-off, it is difficult for the support in this range to be effectively broken.
