BlockBeats News, October 17, On-chain data analyst Murphy shared the market chip distribution based on UTXO Realized Price Distribution (URPD): Compared to yesterday’s data, URPD added 53,000 BTC at around $104,700, approaching the “extreme retracement range of $98,000 to $104,000,” with traders waiting to buy the dip preparing for a “rebound.”
Yesterday’s data showed that BTC chips loosened at a high level ($117,000), creating a new massive chip pillar at $112,000, indicating a significant amount of funds bought the dip here, accumulating a total of 614,000 BTC, which is also the highest pillar in the entire chip structure. If BTC continues to oscillate downwards, based on the current chip structure, Murphy predicts that the “extreme retracement range will be between $98,000 and $104,000.” Of course, the actual situation will be influenced by macro policies, market sentiment, and unforeseeable black swan events.
