From the perspective of chip structure, 96,000 is a rebalancing zone for long and short forces

If we examine BTC's current market from the perspective of chip distribution, $96,000 is not simply a resistance level but a rebalancing zone where the forces of bulls and bears are being re-priced. Above this area, the historical trading density clearly decreases, indicating that once broken through, selling pressure will phase out.

On-chain data shows that a large number of medium- and long-term holders have cost bases concentrated around $40,000–$60,000, and the current price still has room before reaching their psychological take-profit zones. These chips did not show obvious loosening during the rally; instead, they continued to lock in positions during pullbacks, reducing the probability of rapid top formation.

Meanwhile, short-term chips are mainly concentrated in the $85,000–$90,000 range. If BTC retraces without breaking this zone, it will form a typical "chip support cushion." This is also why recent pullbacks have been limited in scope and unable to trigger a significant trend reversal.

The key at $96,000 is not whether it is "expensive," but whether the handover can be completed. If the price consolidates within this zone, digesting selling pressure with gradually increasing volume rather than sharp rises or falls, it indicates a healthy market. The real danger signals are volume-inflated stagnation and the continuous appearance of long upper shadows.

Therefore, $96,000 is a position for a reshuffle of bulls and bears, not simply an endpoint. Whether it can turn into support determines whether the subsequent market will accelerate upward or enter a medium-term consolidation. #BTC冲击96,000美元