According to BlockBeats, Bitcoin's price has fallen below the crucial support level of $117,000, raising the likelihood of a 'gap filling' scenario. On-chain data analyst Murphy highlighted that the URPD chip structure shows a significant accumulation of 720,000 BTC at this price point, indicating intense trading activity between buyers and sellers. The breach of this support level suggests a critical moment for market direction.
As chips accumulate at a single price, the market reaches a tipping point, prompting a short-term directional choice. The chip range between $116,000 and $119,000 is tall but narrow, making it susceptible to downward pressure. Currently, the market appears to be moving downward, entering the middle area of the 'double anchor structure' between the $116,000 to $119,000 range and the $102,000 to $109,000 range. Historically, if these chip ranges are firmly held, the bottom of the retracement is likely to form in the middle of the 'double anchor structure,' around $112,000 to $113,000, which is also a gap in the chip structure.
If Bitcoin's price does not quickly return to $117,000 and use it as support, the probability of gap filling will increase. Conversely, if it can swiftly rebound and maintain above the $117,000 support level, a subsequent upward breakout becomes more likely after some volatility. This analysis is intended for educational purposes and should not be considered investment advice.
