“Support” refers to the area where #BTC is concentrated on the chain. This area represents the price expectations of most investors, such as between $64,000 and $69,000 at present.
In layman's terms, if there is no large-scale exit of investors in this range, it will not put too much pressure on the price of BTC. And through the data of URPD, it can be seen that the daily turnover is basically short-term investors, which shows that more investors are unwilling to participate in turnover.
In layman's terms, if the area where a large number of chips are concentrated on the chain is not broken, it is very likely to fluctuate around this position. This was the case when it was $19,000, $26,000, and $38,000. Last time, even when it fell to $56,000, I kept saying that the support was not broken, but it still rose back. The situation is the same now.
The current price is entirely due to the wide fluctuations caused by insufficient liquidity, and the core point of the fluctuation is the dense concentration area of chips.
