Analysis: Bitcoin High Holder Supply Shock On-Chain Indicator Shows Signs of Weakness, Key Support Range at $98,000 to $104,000

News, October 16th, on-chain data analyst Murphy shared the market chip distribution status combined with Unspent Transaction Output Realized Price Distribution (URPD): At a high level (chip loose at $117,000, triggering stop-loss), a new massive chip column was generated at $112,000, indicating a large amount of funds bought the dip here, accumulating a total of 614,000 $BTC, also the highest column in the entire chip structure.

If $BTC continues to oscillate downwards, based on the current chip structure, Murphy predicts that the "maximum pullback range will occur between $98,000 and $104,000." Of course, the actual situation will be affected by macro policies, market sentiment, and unforeseen black swan events."