Bitcoin chip structure now shows a "massive pillar," with $87,000 becoming the strongest defense line for the bulls

As Bitcoin (BTC) continues to consolidate within a narrow range during the Christmas holiday period, market speculation about the next trend is intensifying. Cryptocurrency trend analyst Murphy (@Murphychen888) posted the latest on-chain data analysis on social platform X, pointing out that Bitcoin has formed solid support at $87,000, and the market tilt is beginning to favor the bulls.

During this period, BTC has been suppressed within a very small price range. After some turnover, we see that there are significant clusters of chips at $87,000 and $84,500, which are noticeably higher than other price levels (massive volume bars).

The former has accumulated 670,000 BTC, and the latter 650,000… https://t.co/JLKpIpBVMn pic.twitter.com/XmW3OJ1HHO

— Murphy (@Murphychen888) December 26, 2025

Murphy cites Glassnode’s URPD (UTXO Realized Price Distribution) data, indicating that after recent turnover and volatility, Bitcoin currently shows significant chip accumulation at the two price levels of $87,000 and $84,500, forming what is known as “massive volume bars.”

Source: @Murphychen888

Murphy points out that there has been intense chip turnover at $87,000 and $84,500, with $87,000 becoming the strongest support zone. However, Murphy also warns investors to filter out “noise” when interpreting the data. “A key factor to consider here,” Murphy explains, “is that on November 22, Coinbase conducted a large-scale wallet reorganization. This resulted in a large number of UTXO records in the $83,300 to $84,500 range that do not reflect real economic buying and selling activity,” “There are 112,000 BTC in the $83,300-$84,500 range, but real turnover should be at least halved. In this context, $87,000 is the highest massive volume bar and the strongest support level based on the current chip structure.” This concentration indicates a critical moment: if the support at $87,000 holds firm, it will confirm a clear bullish reversal, pushing the price toward a new high amid recent volatility between $85,000 and $87,000. Recent trading shows Bitcoin hovering near these thresholds, testing resistance at $85,200. Despite rising concerns, stable ETF capital inflows and accumulation by whales suggest underlying strength. Bull-Bear Tipping Point: Price Stabilizes on the Right Side of the Massive Volume Bar Murphy further explains the market implications of chip accumulation: “Based on past experience, once a large amount of chips concentrates in a narrow range forming a massive volume bar, it often indicates that the market is about to choose a direction. The essence of chip accumulation is the divergence between bulls and bears. When the game reaches a critical point, the outcome will be decided.” Regarding the latest trend on December 26, Murphy offers an optimistic interpretation. He observes that, as of Greenwich midnight, BTC’s price has already started moving “to the right side” of the $87,000 massive volume bar (meaning the price is above the accumulation zone). Murphy states, “This indicates that the support is effective, and the balance of power between the opposing sides is beginning to tilt toward the bulls.” Market dynamics reinforce Murphy’s view that Bitcoin is working to counter the downward trend since the peak of $126,000, unable to break through $90,000 but finding buying support around $84,000-$84,500. Data from CryptoQuant shows large holders are selling, but contrarian signals like oversold indicators and the ETF’s average entry price of $86,530 suggest a higher bottom formation. If the $87,000 support is successfully defended, it could lay the foundation for a rebound toward $100,000. The support level at $84,500 aligns with previous lows and technical retracement levels; losing it could lead to a move toward $80,000. However, optimistic analysts like BitBull believe strong buying interest exists there, making it a potential base for 2026. As year-end liquidity dries up, causing volatility to spike, Murphy emphasizes that $87,000 is the bull-bear dividing line—holding it could ignite upward momentum, especially as alternative assets decline and focus shifts to BTC’s dominance. Traders are watching for a breakout above $88,000-$90,000 to confirm the trend, while strategies lean toward going long on a rebound at $85,000, targeting above $87,000. This setup places Bitcoin at a directional crossroads at the end of 2025, blending caution with opportunity.