Analysis: BTC Struggles to Break Through the Mega Whale Accumulation Zone of $93k to $118k, the Lower Support Gap Has Been Filled

On August 28th, on-chain data analyst Murphy released a market chip structure analysis. One month ago, due to the rapid surge of BTC, there was almost no trading volume in the price range of $112,000 to $114,000, resulting in a gap in the chip structure (URPD). According to common experience, all "gaps" on URPD will be filled. One month later, as of August 27th, the gap between $112,000 and $114,000 has been completely filled, connecting the original high and low chip accumulation zones to form a large chip accumulation zone ranging from $93,000 to $118,000. Within this range, 5.59 million BTC have been accumulated. This means that from November 20, 2024, to the present, in a short period of 9 months, more than 5 million BTC have been bought in this price range, accounting for 28% of the total circulation. If we exclude chips that are lost or held in long-term "HODL" like Satoshi Nakamoto's holdings, this proportion is even higher. If there are no sudden "black swan" events, it will be difficult for the price of BTC to break through this range. For example, the current BTC is supported at the STH-RP $108,000 position, with 42 BTC supporting at the $104,000 position below. Currently, there are no obvious gaps on URPD, only a shallow gap between $72,000 and $80,000. This information is for learning and communication purposes only and should not be regarded as investment advice.