Recently, BTC has been stuck in a very narrow price range, consolidating. After some turnover, we can see that there are two areas, $87,000 and $84,500, where the chip distribution (massive volume bars) is significantly higher than other price levels. The former has accumulated 6.7 million BTC, while the latter has 6.5 million. Of course, one factor to consider here is the large-scale wallet reorganization by Coinbase on November 22, which caused a large number of non-economic UTXO records to appear in the $83,300-$84,500 range. Based on my statistics at the time, there were roughly 5.5 million BTC involved. (Figure 1) Therefore, out of the 11.2 million BTC currently in the $83,300-$84,500 range, the actual turnover should be reduced by at least half. With this in mind, $87,000 becomes the largest massive volume bar and the strongest support level in the current chip structure. From past experience, when a large number of chips concentrate in a narrow range to form a massive volume bar, it often signals that the market is about to choose a direction. The essence of chip accumulation is the divergence between bulls and bears, and when the game reaches a tipping point, a winner will emerge. As of now, I’ve noticed that on December 26, BTC’s price has started moving to the right of the massive volume bar ($87,000) (based on Greenwich Mean Time at midnight). This indicates that the support is effective, and the balance of power between the two sides is beginning to tilt toward the bulls. From the perspective of chip structure, this is bullish. As long as the massive volume bar’s support remains effective, the direction will become even clearer. -------------------------------------------- Bitget VIP, lower fees, bigger perks