The chip structure of Bitcoin has once again proven its stability. The latest data shows that the 'dual-anchor structure' formed in the market has supported the price during the last two pullbacks and is continuously strengthening.
As of August 22, there have accumulated 1.818 million BTC in the $113,000—$118,000 range, with a significantly thicker chip structure than before; while in the $100,000—$108,000 range, there are still 1.784 million BTC remaining. These two areas have become the most core chip accumulation zones in the current market.
(Figure 1)
With funds continually being added around the $112,000 mark, if the price dips again in the future, the real defensive focus will lie in the $108,000—$112,000 range, and the support strength will increase accordingly.
However, the upward path also poses challenges. The 600,000 BTC in the $117,000—$118,000 range has become the largest resistance point during the rebound. In the short term, if macro sentiment does not significantly improve, this area will likely bear selling pressure. But once broken, this will greatly enhance the chances of BTC approaching previous highs again.
In terms of Ethereum, the market has also reached a critical position. Based on the 'real cost of active players' model, ETH has touched the standard deviation resistance level (4,846 USD) for the third time. The previous two times (March 14 and August 13) triggered pullbacks.
(Figure 2)
Whether this time will yield a different outcome depends on two factors: whether Bitcoin can effectively break through its own resistance, and whether new institutional funds in Ethereum can continue to take over the profit-selling from old players.
