Analysis: Bitcoin Chips Approaching "Extreme Pullback Zone," Traders Preparing to "Swing"
BlockBeats News, October 17, on-chain data analyst Murphy shared the market chip distribution based on UTXO Realized Price Distribution (URPD): Compared to yesterday's data, URPD saw an increase of 53,000 BTC around $104,700, which is close to the "extreme pullback range of $98,000 to $104,000." Traders waiting to buy the dip are preparing to "swing the bat."
Yesterday's data showed that BTC chips loosened and were sold off at the high level ($117,000), and a new large chip bar was formed at $112,000, indicating that a large amount of capital bought the dip at this level, accumulating a total of 614,000 BTC, which is currently the largest bar in the entire chip structure. If BTC continues to fluctuate downward, based on the current chip structure, Murphy believes that "the extreme pullback range will occur between $98,000 and $104,000. Of course, the actual situation will be affected by macro policies, market sentiment, and unpredictable black swan events."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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