Analysts: Bitcoin's extreme correction range may be between $98,000 and $104,000, and bottom-fishing traders are preparing to "hit the ball"

On-chain data analyst Murphy shared the market's chip distribution using the UTXO Realized Price Distribution (URPD): Compared to yesterday's data, URPD saw an increase of 53,000 BTC around $104,700, approaching the "extreme retracement range of $98,000 to $104,000." Traders looking to buy the dip are preparing to pounce. Yesterday's data showed a period of selling at the high end of the $117,000 range, with a new, massive column forming at $112,000. This indicates a significant amount of capital is bottom-fishing here, with a total accumulation of 614,000 BTC, currently the highest column in the overall chip structure. If BTC continues to fluctuate downward, based on the current chip structure, Murphy predicts that "the extreme retracement range will be between $98,000 and $104,000. Of course, the actual situation will be influenced by macroeconomic policies, market sentiment, and unforeseen black swan events."