The latest published CBD (Cost Basis Distribution) heatmap presents a comprehensive view of the recent flow of Bitcoin chips. It is evident that the current concentration of market chips is mainly distributed in the $94,000–$98,000 range and between $101,000–$118,000. These two segments of concentrated chips not only represent potential resistance that may be faced during future price rebounds but also reflect the consensus forming around the holding costs of investors in these areas.
Among them, $98,000 is regarded as the historical fair price of Bitcoin, while $104,000 corresponds to the average cost of recent entry capital. Whether it rises or falls, these two price levels have historically been key turning points for bullish and bearish sentiment. Whether the market can break through or hold these levels will largely determine how the trend evolves.
Outside of this data, the more notable changes occurred around $84,000–$85,000. During the period from November 21 to 23, the heatmap displayed prominent red bar areas in this range, indicating a significant concentration of chips in a short time. After breaking down the relevant segments, it was found that approximately 950,000 BTC completed transactions in this interval.
It is important to note that about 550,000 BTC came from Coinbase's wallet consolidation on November 22, so after excluding this part of the impact, there are still 400,000 BTC that belong to real market turnover. This scale has far exceeded the capabilities of retail investors and is likely related to the concentrated actions of large holders, which also corroborates the low-position layout behavior observed in the past few days.
In summary, the emergence of this low-position turnover not only reinforces the fact that there is still strong support in the market under extreme panic sentiment, but also suggests that this may become an important support area for future market trends. How to break through the two main areas of concentrated chips above will determine whether Bitcoin can successfully open the next trend space.#比特币走势分析
