The proportion of BTC supply in a loss state is rising, with $105,000 becoming a key support level.

According to an analysis post provided by Sentora through on-chain data, approximately 7.9% of the circulating supply of Bitcoin is in a state of loss, indicating significant accumulation of chips within the price range of $121,000 to the current price.

Analysts predict that if the market further corrects, the $105,000 area may become a key support level. This judgment is based on on-chain historical data showing that around 900,000 BTC (approximately 4.5% of the total circulation) have formed a dense trading area near this price level.

In simple terms, the current Bitcoin market presents several key features worth noting for investors. First, 7.9% of the circulating supply is in a state of loss, which is approaching the warning level for short-term adjustments. Historical experience shows that when the proportion of loss-making chips exceeds 15%, the market often faces greater correction pressure.

Secondly, from the analysis of the cost structure, it can be observed that a large amount of profit chips has accumulated above $121,000, and once these chips loosen, it may bring additional selling pressure; meanwhile, below $105,000, a clear "value pit" has formed, as this area has accumulated a significant amount of buying demand in the earlier stage, thus it may constitute a key support point.

This market structure is quite similar to the situation in the fourth quarter of 2024, when the support zone at the price of 100,000 USD successfully withstood three rounds of selling pressure and demonstrated strong market absorption capability. This historical reference also provides valuable reference coordinates for our current market assessment.

In summary, from the distribution characteristics of this chip structure, it can be seen that the $105,000 area has become the current key technical defense line for Bitcoin. If the price retraces to this area, it may attract new funds to enter and absorb selling pressure, thereby forming effective price support. However, it is important to note that in extreme market conditions, support levels may also be temporarily breached, and investors still need to make comprehensive judgments based on real-time trading volume and market sentiment.

Do you think the support level of $105,000 can hold effectively in the current market environment? In light of the current nearly 8% loss ratio of Bitcoin holdings, do you lean more towards viewing it as a buying opportunity or a risk signal?

#比特币支撑位 # Chip Distribution #Loss Ratio