Recently, Bitcoin has been locked in a very narrow price channel, oscillating repeatedly. After sufficient turnover, the market has formed obvious accumulation at the price levels of $87,000 and $84,500.

The former has accumulated 670,000 BTC, and the latter 650,000 BTC. However, there is a detail that cannot be ignored — the large-scale wallet restructuring event on November 22nd directly led to a surge of technical UTXO records in the $83,300 to $84,500 range, roughly accounting for about 550,000 BTC that are not actually the result of real transactions.

As a result, the seemingly 1.12 million BTC data in this range actually has a true turnover volume halved. Therefore, $87,000 is the real massive pillar and the most solid support on the current chip surface.

According to past patterns, once a large amount of chips accumulates in a narrow range over a short period, forming this obvious chip mountain, the market will start to make a choice. Essentially, chip accumulation reflects the divergence between bulls and bears. When the game reaches a critical point, the outcome will be decided.

Interestingly, since December 26th (based on Greenwich Mean Time zero), BTC has clearly broken through to the right side of the massive pillar. This indicates that the support is effective, and the balance of bulls and bears is gradually tilting in favor of the bulls.

From the perspective of chip structure, the current signals still lean bullish. As long as this $87,000 support can be maintained, the future direction will become increasingly clear.