The CBD heatmap has recently revealed some interesting things.

First, look at the resistance bands: $94,000 to $98,000, and $101,000 to $118,000, where the chips are piled up like mountains. Can the rebound get past this barrier? It needs to be considered.

Focus on two lines - the historical fair price of $98,000 and the average cost of short-term holders at $104,000. These are very solid during a bull-bear transition; only when they are broken can we truly discuss a trend reversal.

But what is the most eye-catching? A large number of red data bars suddenly appeared from 84k to 85k. I pulled data from three positions, and a total of 950,000 BTC concentrated appeared between November 21 and 23.

However, we need to deduct the action of a certain compliance platform organizing wallets on the 22nd, which is about 550,000 coins. So, there are about 400,000 coins left? That's the real trading volume in cash. Retail investors? Don't be ridiculous, this kind of volume clearly indicates that big players are at work. The timing, quantity, and location all match up—there are giant whales quietly positioning themselves in this range.