Analysis: Bitcoin's high-level chips are showing signs of loosening, with the extreme pullback range between $98,000 and $104,000

ChainCatcher message, on-chain data analyst Murphy shares the market chip distribution based on UTXO realized price distribution (URPD): at a high level ($117,000), chips are loosening and cutting losses; a new massive chip column has formed at $112,000, indicating that a large amount of capital is bottom-fishing here, accumulating a total of 614,000 BTC, which is currently the highest column in the entire chip structure.

If BTC continues to fluctuate downward, based on the current chip structure, Murphy judges that "the extreme pullback range will occur between $98,000 and $104,000. Of course, the actual situation will be influenced by macro policies, market sentiment, and unforeseen black swan events."