Bitcoin is showing a highly concentrated chip distribution around the $87,000 mark, which is becoming a key factor in the market's next directional choice. According to on-chain data analysis, the BTC cost distribution chart clearly indicates—at the $87,000 and $84,500 levels, the chip accumulation is significantly higher than in other ranges, forming a typical massive column shape. Interestingly, after excluding the impact of a large-scale adjustment by a major exchange wallet in late November, the price range of $83,300-$84,500 still maintains a considerable chip concentration. When such a densely traded area appears, it usually signifies that a standoff between the bulls and bears is brewing a breakout. In the short term, whether Bitcoin can effectively hold these key cost zones will directly determine whether the subsequent move is an upward breakout or a downward test.