The current data shows that the on-chain structure of Bitcoin is gradually forming a chip accumulation zone in the range of $92,000 - $100,000, where a massive column of 600,000 BTC appears at $97,000, decreasing on both sides from that point.

This massive column indicates that:

Firstly, this price level is unlikely to be the absolute peak of the current bull market.

Secondly, there is intense competition between bulls and bears in this price range, with significant trading leading to chip accumulation.

Where there are sellers, there are buyers, which indicates that some people are selling to hedge against expected price declines, while others believe this price offers good value and are buying in. It is precisely due to numerous bottom-fishing actions that a strong support has formed in the $92,000 - $100,000 range. Therefore, the chip accumulation zone has a "damping effect" on the price, meaning that when the price approaches, it encounters resistance (making it difficult to break through), while when the price moves away, it generates attraction (pulling the price back).

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