What signals did on-chain data reveal after the BTC pullback to $80,000?

Question

[BitPush] Recently, after Bitcoin pulled back to around $80,000, interesting changes have appeared in on-chain data. This price level has formed a new cost concentration zone, which means that a considerable amount of funds have built positions here.

From the heatmap, the $80,000 area has become one of the zones with the most concentrated chips. What does this situation often imply? This position may become a relatively strong support. After all, those who just bought in definitely do not want to lose money, and they are likely to hold their ground here.

So in the short term, if BTC tests this range again, it may encounter significant buying support.

MetaverseVagabond · Accepted Answer

The support level of 80,000 USD is real, and those who just entered the market will definitely hold on tightly, I am too.

PoetryOnChain · Answer

The 80,000 mark is a bit tough, and the suckers who just got on board are firmly holding the line.

AllInAlice · Answer

The barrier of 80,000 dollars seems to have really trapped a lot of people&#39;s chips.

With so much cost piled up around 80,000 dollars, the probability of a short-term Rebound is indeed quite high, but it really depends on how the institutions play it.

Can this support hold? To be honest, it&#39;s a bit uncertain, need to keep an eye on the heat map.

Those who just bought are holding on to this line, but if it falls below, everyone will scatter.

It feels like another market that&#39;s testing repeatedly, really annoying.

quietly_staking · Answer

80,000 is really a key level, Large Investors are piling up chips here

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The on-chain heat map doesn&#39;t lie, those who are building positions this time are holding on tight

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To be honest, if 80,000 can&#39;t be broken, the buying pressure is too strong

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Newcomers are all trapped now, and they can only hold on; this is how the support level comes about

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Interestingly, the emergence of a cost concentration zone means that the market maker is holding firm

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This pullback is purely a Whipsaw, the chip distribution tells me that there will still be fluctuations in the short term

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Wait, does this data mean that we have to continue to fall to clean up, or is it already almost done?

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If 80,000 holds, then it&#39;s stable; I&#39;m just afraid of sudden Liquidity collapse

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Chips are piled up here, the market maker&#39;s intention is that if they can&#39;t hold, they will lose, and you all can figure it out

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It feels like it&#39;s going to be Sideways again; in this situation, who dares to sell?