Analysis: Over 2 Million BTC Concentrated Turnover in $62K-$64K Range May Form Key Support

Trader Murphy (@Murphychen888) posted on X platform, stating that despite multiple bearish factors such as the US stock market pullback, Strategy selling BTC, and oil price rebound, BTC has not shown a significant decline, which may be related to its chip structure. Data shows that over 2 million BTC have been concentrated in turnover within the $62,000-$64,000 range, bringing the cost basis of a large number of holders closer together, with a low short-term willingness to sell. He noted that BTC subsequently experienced nearly two months of low-volatility sideways trading, then rapidly rose from $64,000 to $75,000 within 3 days, but chips near $63,000 did not significantly decrease, while chips in the $68,000-$74,000 range remained relatively sparse, indicating that holders in the previous concentration zone did not take profits on a large scale. He expects that as prices continue to rise, chips may gradually loosen and form a new chip concentration zone; if no new effective support forms, BTC may again test the support strength of the $62,000-$63,000 chip concentration zone.