Analysis: BTC has amassed 921,000 coins near the $83,000 mark, as the tug-of-war between bulls and bears approaches a critical juncture.

Crypto market analyst Murphy stated in a post that as of October 22, BTC has accumulated roughly 921,000 coins near the $83,000 price level, approaching the 1 million coin mark. A similar accumulation was last observed on August 3 this year, when the number of coins at this price point hit around 1.05 million. Concerning the potential inclusion of coins from Coinbase’s historical consolidation wallets, Murphy explained that approximately 550,000 BTC are linked to Coinbase wallet consolidations from a year ago, but it remains unclear how many of these positions are still held. Based on his estimate, only 100,000 to 200,000 may remain, so this factor can be temporarily disregarded. On October 8, BTC entered its first gap zone below $83,000. As the price previously passed through this area with insufficient trading turnover, when it returned to this range again, it generated an attractive effect, driving coins to re-trade and fill the gap. BTC faced resistance when attempting to move downward, and may subsequently seek a direction with less resistance upward. The $83,000 level is also a key focus of the current battle between bulls and bears; whichever side gains the upper hand could push the market to form a new trend.