Bitcoin's Market Structure Shows Significant Accumulation Zone

According to BlockBeats, on-chain data analyst Murphy has released an analysis of the market's chip structure. A month ago, a rapid increase in Bitcoin's price led to a lack of trading activity in the $112,000 to $114,000 range, creating a gap in the Unspent Realized Price Distribution (URPD). Typically, such gaps in URPD are eventually filled. As of August 27, the gap between $112,000 and $114,000 has been completely filled, linking previously separate high and low chip accumulation zones. This has resulted in a large accumulation zone spanning from $93,000 to $118,000, containing 5.59 million BTC. This indicates that over 5 million BTC were purchased within this price range in the past nine months since November 20, 2024, accounting for 28% of the total circulation. Excluding long-term locked chips, such as lost coins and those held by Satoshi Nakamoto, this percentage is even higher. In the absence of unexpected 'black swan' events, it is unlikely that Bitcoin's price will break through this range. Currently, Bitcoin is supported at the STH-RP level of $108,000, with additional support at $104,000, where 42 BTC are held. The URPD now shows no significant gaps, except for a minor one between $72,000 and $80,000. This analysis is intended for educational purposes and not as investment advice.