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Bitcoin records concentrated trading volume at two main price ranges
Analysis data from the Heatmap Distribution of Cost Basis (CBD) shows that Bitcoin trading volume is mainly concentrated within two distinct price ranges. Specifically, the price range from $94,000 to $98,000 USD and the range from $101,000 to $118,000 USD play a significant role, indicating high interest from investors.
Historical Fair Value Indicators
The fair value of $98,000 USD is identified as an important historical reference point, while the average cost for short-term investors is around $104,000 USD. These price levels are not coincidental but reflect potential market turning points, where investors often make critical trading decisions.
Large-scale accumulation activity in recent periods
Between November 21 and 23, on-chain data recorded a notable event: 950,000 BTC accumulated within the range of $84,000 to $85,000 USD. Detailed analysis shows that, of this, 550,000 BTC originated from wallet mergers, while 400,000 BTC resulted from actual market transactions, likely related to activities of large BTC holders.
On-chain data analysis methodology
The CBD tool uses address-based calculations to provide insights into token distribution across the market. This allows analysts to better understand trading behavior and market sentiment through the actual actions of participants within the Bitcoin ecosystem.