Analyst Identifies Key Bitcoin Price Bands ($94k–$118k) That Define Bull vs Bear
Analyst Murphy used a Bitcoin Cost Base Distribution (CBD) heat map to identify critical BTC price zones that act as reference points between bull and bear markets. The heaviest on-chain trading volumes cluster in two bands: $94,000–$98,000 (historical “fair price” near $98k) and $101,000–$118,000 (short-term investors’ average cost around $104k). Murphy’s data also indicates 950,000 BTC was accumulated in the $84,000–$85,000 range from Nov 21–23; 550,000 BTC of that was linked to Coinbase wallet merges and 400,000 BTC to apparent buy-sell activity likely tied to whales. At the time of reporting, Bitcoin traded near $91,326 (down 0.13% over 24 hours, up 10.85% over the week) with a market cap of about $1.82 trillion. The CBD method’s address-based calculations give it strength for mapping holder cost bases and distribution, making these bands useful for traders to set risk levels, stop-losses and target zones. (Not investment advice.)
Neutral
The report is primarily informational and highlights concentration zones of holder cost bases rather than new market-moving events. Identifying heavy-volume bands at $94k–$98k and $101k–$118k gives traders actionable reference points for risk management: these levels can act as strong support/resistance and influence stop-loss placement, position sizing, and profit targets. The reported 950k BTC accumulation in the $84k–$85k band signals significant on-chain activity and potential liquidity zones, but much of that volume (550k BTC) stems from Coinbase wallet merges, which are neutral operational events rather than clear buying pressure. The remaining 400k BTC linked to buy-sell flows could indicate whale trading, which can cause short-term volatility. Historically, clear concentrations of cost basis have correlated with range-bound behavior while markets digest those levels; a breakout above the upper band or a breakdown below the lower band would be the clearer bullish or bearish catalyst. Short-term: expect heightened sensitivity and potential volatility around the identified bands as traders react. Long-term: these bands help map investor breakevens and likely accumulation/distribution zones, informing trend confirmation once decisively breached. Overall, the news offers strategic levels but does not alone tilt the market decisively bullish or bearish.