The Truth Behind the Plummeting Price of Bitcoin: A Double Blow from Large Traders' Sell-Off and Chip Pressure

Last night, Bitcoin experienced a sharp drop of 6.5%, with the price quickly retreating over 6460 points. According to chip distribution signals, Bitcoin failed to break through the chip pressure at 98580. Meanwhile, large traders on Binance sold off $11.03 million at the 98500 price level, and subsequently, within a 90-minute time frame, the price trend formed a shooting star pattern and peaked. During the pullback from the chip peak, Bitcoin's price failed to stabilize at 96010, and then quickly broke below 93000 with the boost from the chip vacuum area.

Currently, BTC is testing the chip support point at 94340, which has become the focus of the market. If the price can stabilize above this support level, it may trigger a price rise to 96010, while the support below is around 92000. The role of the chip peak in the market cannot be ignored: when it is below the price, it acts as support, preventing further declines after a breakdown; when it is above the price, it becomes a resistance level, stopping the price from continuing to rise and possibly causing a price pullback. However, once the price breaks through the resistance level, it may accelerate upward. The above data is for reference only and does not constitute any investment advice.$BTC $ETH #比特币行情