From the cost distribution of BTC over the past 6 months (calculated by wallet address), there are 4 high-level Tied Up chip accumulation areas above the current price, which are: $97,500, $98,900, $101,100, and $105,000.

The largest amount of chips is concentrated around $97,500 and $98,900, reaching 309,000 and 198,000 respectively, which are also the two strongest resistance levels. To break through these levels, greater emotional stimulation and more funding support are definitely needed. After that, the Tied Up chips will decrease step by step as we move higher, and the resistance will also diminish.

Currently, we see that 364,000 BTC have accumulated around $93,700-$94,700, which is one of the reasons for the increasing concentration of chips. During the period from February 10 to February 20 this year, a similar situation occurred around $97,000. It is the same now, with both long and short positions engaging in intense competition.

More importantly, the STH-RPC (Short-Term Holder Average Cost) is exactly $93,500, so this is an extremely important support level!

However, the concentration of chips cannot rise indefinitely; when the game reaches a critical point, there must be a winner and a loser. If the market typically moves in the direction of less resistance, it seems that moving downward would be "easier".

Due to the previous rapid price surge, there was almost no significant chip turnover in the large area below $93,000. It wasn't until around $83,000 that nearly 200,000 BTC accumulated, which will likely be the next strong support range.