Analysts say recent Bitcoin selling pressure mainly stems from trapped positions, with bulls exhibiting a "pyramid-style buying" pattern during the de...

According to Mars Finance, on February 4th, on-chain data analyst Murphy posted on social media that after Bitcoin reached a high of $97,000 on January 15th, it quickly dropped to $73,000 on February 4th, breaking through the psychological support level of $80,000. Driven by panic, the net decrease in trapped positions (above $80,000) exceeded 610,000 coins in 20 days, accounting for 88% of the total outflow, becoming the main source of selling pressure. However, on-chain URPD data reveals an important structural change: the selling pressure from long-term holders' profit-taking has significantly weakened (accounting for only 9.7% of the decrease), indicating a clear reluctance to sell among long-term holders. At the same time, strong buying emerged in the $70,000-$80,000 range, with net purchases of approximately 450,000 BTC, almost double the amount bought in the $80,000-$90,000 range, indicating that funds are "buying more as the price falls," using real money to create a layered resistance. Murphy stated that this cycle differs from previous ones in that the bulls have maintained a sustained and layered defense during the decline, with the concentrated trading volume gradually shifting downwards rather than collapsing abruptly. Although there are pessimistic predictions in the market that the bottom will be reached at $50,000 or $30,000, once the bears compress the bulls' defenses to the extreme, coupled with weak supply, the market may see a strong counterattack from the bulls.