I looked at some data and want to discuss it with everyone: Bitcoin has accumulated 7.5 billion coins at the 85,000 level, whereas above 96,000 there are only 1 billion. This contrast is indeed worth pondering.

**What does the chip distribution reveal?**

The 7.5 billion chips concentrated at 85,000 may represent two positions—bulls holding the support firmly, or bears laying a trap here. In comparison, the chips at 96,000 are sparse, only 1 billion, indicating that breaking through this pressure is not very strong.

**How might the market move?**

One possibility is a trap to induce short-sellers: retail traders get scared out of their shorts at 85,000, then the price surges violently straight to 96,000, causing collective short liquidation. This script has played out before—last year, Bitcoin surged from 60,000 to 69,000 in one go, and many shorts were liquidated in that move.

Another possibility is a sideways squeeze: the price oscillates repeatedly between 84,000 and 86,000, gradually wearing out the bulls’ patience, before finally dropping.

**The invisible killer of trading costs**

There's also a point many overlook. Last year, some traders hesitated to adjust their positions frequently due to high transaction fees, only to be stopped out when the market moved. An account trading 10 times a week with an $80 fee each time spends $3,200 monthly. This expense could be the key to changing returns in a bull market.

**How to respond now?**

For those holding short positions: set your stop-loss quickly; once 86,000 is broken, it’s very risky. For those holding long positions: hold tightly at 84,000; a breakdown below this level carries significant risk. For those still observing: wait until the market direction becomes clear—if it breaks above 86,000, consider chasing longs; if it drops below 84,000, consider chasing shorts.

The key is to protect your principal and not be misled by the game of chip distribution.