Analysis: Bitcoin Faces Intense Churn at $87,000, Signaling Market Directional Decision

BlockBeats News, December 26th, data analyst Murphy stated that the Bitcoin cost distribution chart shows that Bitcoin has a significant chip distribution (large volume bar) at $87,000 and $84,500, higher than other prices. Excluding the wallet restructuring factor of an exchange on November 22nd, the current 1.12 million BTC in the $83,300-$84,500 range should have at least half of its true turnover deducted. Therefore, $87,000 is the highest volume bar and the strongest support level in terms of chip structure.

Based on past experience, once a large number of chips are concentrated in a narrow range to form a large volume bar, it means that the market is about to choose a direction. The essence of chip stacking is the long and short divergence. When the game reaches a critical point, the winner must be determined. Murphy believes that currently, from the perspective of chip structure, the outlook is bullish. As long as the effective support of the volume bar can be maintained, the direction will become clearer.