On-chain analyst @Murphychen888 has laid out Bitcoin’s筹码 distribution, suggesting the price is poised to challenge $87,000 📈 Since November last year, $BTC has accumulated 423,000 BTC in trading volume around $78,000, indicating significant institutional accumulation. Trading volume decreases between $79,000 and $80,000, which the analyst interprets as right-side capital waiting for clearer signals. He predicts BTC will consolidate between $81,000 and $82,000 for a period, allowing sufficient筹码 rotation before attempting the next resistance level. A key note on the chart: the high筹码 bar at $83,000–$84,000 is an artifact caused by Coinbase wallet consolidation—not genuine resistance. True resistance lies above $87,000. 👉 Editor’s personal take: The short-term holder cost line will soon become the focal point of bullish-bearish contention. Here’s why: The key indicator to watch is STH—Short-Term Holder Cost. It currently sits near $80,700, coinciding precisely with the psychological level the market is repeatedly testing. Why does this matter? If the price can sustainably hold above this level—not just briefly spike through it—it signals that short-term holders have returned to profitability. Once short-term holders shift from loss to gain, selling pressure typically eases, and FOMO becomes easier to reignite. Currently, the derivatives market shows no signs of overheating: funding rates are neutral to slightly negative, and open interest hasn’t inflated excessively—indicating this is not a speculative frenzy driven by leveraged retail traders.