#比特币市场结构变化 Looking back at Bitcoin's more than a decade of development, the market structure is indeed constantly changing. Recent data shows that there has been a large accumulation of chips in the range of $8.4-85,000, with about 400,000 real turnovers. This reminds me of the 2017 bull market, when there was a similar concentration of chips. However, the market is now more mature, institutional participation is increasing, and the influence of whales is increasing.

The two resistance ranges, $94,000-$98,000 and $101,000-$118,000, correspond exactly to the historical fair price and the average cost of short-term holders. This pattern of chip distribution has appeared in the past few rounds of bull and bear cycles. But every time the market structure changes, we need to observe and analyze it in a longer time dimension.

Judging from historical experience, this accumulation of chips often means that the market is about to usher in important changes. However, whether it is a breakthrough or a pullback needs to be comprehensively judged in combination with other factors. In any case, for old friends who have experienced many rounds of ups and downs, being rational and patient is always the most important.