Market trends are often rewritten in a split second decision.

From the heatmap of long-term holders' supply distribution, the current Bitcoin cost concentration zone is between $93,000 and $109,000, where a considerable amount of chip supply is accumulated. To continue upward, BTC must effectively absorb the chips in this area. This is not something that can be resolved with a gentle rise; it requires a clear breakout signal combined with trading volume to open the way for subsequent attempts to reach new highs.

The problem is, what if multiple attempts fail to break through this range effectively? Then a correction to around $85,000 for a longer-term consolidation becomes very likely. Even more troublesome, if a black swan event suddenly hits during the consolidation, this three-year bull market cycle could come to an end.

From another perspective, during the bear market phase, the chip concentration point is at $65,000, which forms a long-term support line and is an important reference for future market movements.