From the current data, an on-chain structure is gradually forming a chip accumulation zone within the range of $92,000~$100,000, where a massive pillar of up to 600,000 BTC has emerged at $97,000, decreasing towards both sides from this peak.

The appearance of this massive pillar indicates two points:

🚩1. It is highly likely that this is not the absolute top price of the bull market cycle.

🚩2. This price range has generated intense long-short battles, resulting in significant turnover and chip accumulation.

Where there are sellers, there are buyers, indicating that some believe the price will drop further and want to hedge, while others believe the price here is a good value to buy the dip. It is precisely because of the large amount of buying the dip that a strong support effect has formed in the $92,000~$100,000 range. Therefore, we say that the chip accumulation zone has a "damping effect" on the price, meaning that it creates resistance (not easily broken through) when the price tries to pass through, and creates attraction (pulling the price back) when the price moves away.

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