Analysis: On chain data shows that during the continuous decline of BTC, large funds have not yet fled, and there has been a takeover around $76000 BlockBeats News: On May 20th, analyst Murphy (@ Murphychen888) posted on social media that Bitcoin fell for five consecutive trading days from May 15th to 19th. The market sentiment, which had previously been worried about being sold out, quickly turned around, and some investors began to expect prices to fall back to the $40000 to $50000 range. However, from the perspective of on chain chip structure, the attitude of large funds presents a different picture. According to the data on May 15th, $66000 and $78000 are the two most concentrated price points for turnover, clearly reflecting the entry position of large funds. It is worth noting that the chip column in the $80000 to $82000 range is relatively low. Although the price of Bitcoin remained in this range for nearly a week, there were few turnover, indicating that funds began to become cautious after the price returned above $80000. As of May 19th, with the price falling, the $78000 chip pile not only did not decrease, but also increased. The most obvious change is at the price of $76000. Previously, when the price broke through this level, there were only about 200000 chips at this price. However, when the price fell back to this level, the number of chips has increased to about 380000. Analysis suggests that this indicates that the funds entering at $78000 did not panic and flee due to falling below cost. When the price fell to $76000, new funds chose to enter and take over, showing a clear attitude. From the perspective of chip structure, a reasonable retracement range is roughly between $78000 and $66000. Entering the range and completing the hand switch with a second step back is expected to enhance the structure's resistance to impact. Although the final price low point is still difficult to predict, judging from the attitude of funds starting to cut corners around $76000, the willingness of the market to take on is relatively clear. [Original link]