The market structure of Bitcoin shows a significant accumulation zone.
According to BlockBeats, blockchain data analyst Murphy published an analysis of the chip market structure. A month ago, the rapid rise in Bitcoin's price led to a lack of trading activity in the $112,000 to $114,000 range, creating a gap in the unrealized price distribution (URPD). Generally, such gaps in URPD eventually get filled.
As of August 27, the gap between $112,000 and $114,000 has been completely filled, connecting previously separate high and low chip accumulation zones. This has led to a large accumulation zone ranging from $93,000 to $118,000, containing 5.59 million BTC. This indicates that over the past nine months, since November 20, 2024, more than 5 million BTC have been purchased in this price range, accounting for 28% of the total circulation. Excluding chips locked for the long term, such as lost coins and those belonging to Satoshi Nakamoto, this percentage is even higher.
In the absence of unexpected 'black swan' events, it is unlikely that the price of Bitcoin will break through this range. Currently, Bitcoin is supported at the STH-RP level of $108,000, with additional support at $104,000, where 42 BTC are held. The URPD currently does not show significant gaps, except for a minor one between $72,000 and $80,000. This analysis is intended for educational purposes and not as investment advice.
