From the perspective of chip structure, the current price ($89,000) falls in the lower middle of the concentrated chip area between $87,000 and $96,000. Meanwhile, there are still 113.4w BTC in stock at the $87,000-$88,000 level, which is currently the strongest support level.

Although the chips at $83,000-$84,000 also appear to be many, this is influenced by Coinbase's wallet restructuring, rather than arising from real demand. Therefore, this is not the strongest support. This highlights the dual importance of $87,000-$88,000 in terms of fund structure and chip structure.

In the short term, BTC's fluctuations within this price range are an important time node for future directional choices. However, at this point, investor sentiment has become sensitive; there cannot be any negative news during this time, as even an inconspicuous event can further undermine the market's already fragile confidence.

On the contrary, if it does not break $87,000, there remains a possibility to challenge $98,000 or above again; historically, before entering a bear market, BTC would repeatedly attempt to impact the STH-RP (short-term holder cost line), continuing downwards only after multiple failures.