Recently, the price of Bitcoin has fluctuated frequently between $93,000 and $110,000, raising concerns and questions among many investors. However, this seemingly confusing price range actually hides important clues for short-term trading, especially the continuously accumulating "supply cluster," which could be the key to grasping the next wave of market trends.

Since November 2024, over 850,000 Bitcoins have been traded within the range of $93,000 to $110,000, which corresponds to approximately $80 billion in active funds at current market prices. This is not just an ordinary price fluctuation zone, but more like a "collective holding pool" for global traders. Over the past five months, regardless of how the price fluctuates, the buying volume in this range has consistently exceeded the selling volume by 15% to 20%, clearly indicating an accumulation trend.

It is worth noting that although the unrealized loss rate has increased, long-term holders do not seem to be panicking. The latest on-chain data from CryptoQuant shows that on August 28, the net unrealized loss rate for Bitcoin in this price range climbed to 12.3%, reaching a new high since March 2024. This data may trigger panic selling in other asset classes, but no significant selling pressure has been observed in the Bitcoin market.

On the contrary, on-chain data presents unusual signals: the mobility rate of "old coins" (i.e., Bitcoin held for more than 12 months) is only 0.8%. This indicates that long-term investors remain calm about the current market conditions and have not changed their holding strategies due to short-term fluctuations.

This phenomenon reflects the unique nature of the Bitcoin market and investors' confidence in its long-term value. Although it may face fluctuations and unrealized losses in the short term, core holders seem to focus more on the long-term development prospects of Bitcoin rather than short-term price fluctuations.

For investors who follow the Bitcoin market, understanding the importance of this price range and the behavior patterns of long-term holders may help in formulating more informed investment strategies. However, given the high fluctuation of the cryptocurrency market, investors still need to act cautiously and fully assess the risks.