Although the market did not experience significant volatility over the weekend, sentiment has clearly eased from last week's panic sell-off—capital is starting to rationally price in the opening trends of US stocks and expectations for a December rate cut, rather than blindly following the trend to sell off.

Notably, the on-chain distribution of Bitcoin chips has quietly changed: Four days ago, there were only about 310,000 coins accumulated near the 85,000 level, but currently this range has accumulated 796,000 coins, an increase of 490,000.

This change indicates that the recent decline was not driven by emotional retail bottom-fishing, but by institutional-level funds densely absorbing at the current position, forming a whale accumulation pattern.

This range has now formed a high-density chip support zone. As long as there is no concentrated sell-off from the historical trapped positions near 93,000 above, the gravitational effect of the chips below will gradually pull the price upward for recovery.

It is expected that the market will enter a "mild bear rebound" pattern, with mild upward oscillation, structural divergence becoming the main theme. Intraday operations should focus on buying below 86,000, adding positions at 85,300, setting a stop-loss at 84,800, with short-term targets at 88,000, 90,500, 92,500, and a long-term target at 105,000! #非农数据超预期 $BTC