Currently, HBTC is demonstrating short-term upward momentum, driven by improvements in Bitcoin's supply-demand structure and a recovery in market sentiment. If Bitcoin holds above the key support level of $87,000, HBTC is expected to further restore liquidity and attract arbitrage and swing trading capital. Investors are advised to use the support range as a reference and gradually establish long positions, while strictly setting stop-losses. Additionally, dynamically monitor trading volume and supply-demand concentration, and flexibly adjust positions to manage market volatility risks.

Recently, the concentration of Bitcoin mining chips has declined amid rising prices, suggesting that large holders are not presenting strong profit-taking resistance. As a wrapped Bitcoin token on the Ethereum chain, HBTC is closely linked to Bitcoin spot prices and is poised to move upward in the short term. With incremental buy orders emerging around key support levels, stability above these levels can be seen as a bullish confirmation, potentially unlocking more upside.

On January 4, analyst Murphy noted that BTC's chip concentration within 5% of the January 1 price dropped from 14.9% to 14.5% by January 3, while BTC's price slowly rose. Historical data suggests that a decline in concentration amid rising prices indicates continued price increase. Significant BTC accumulation at $87,000 supports a range of $92,000-$104,000. Technical signals suggest a rebound is more likely than a false breakout unless BTC falls below $87,000.

Analysis: BTC chip concentration decreases, chip structure support is effective, rebound probability is higher than a false breakout followed by further decline.

Overall sentiment in the crypto market has gradually improved, easing the wait-and-see attitude of investors. As a highly liquid derivative asset, HBTC will benefit from the return of trading volume and open interest. If more capital flows in, we may observe HBTC volatility converge, leading to emerging opportunities for arbitrage and swing trading.

Although short-term rebound momentum is dominant, if Bitcoin falls below the critical support of $87,000, a market pullback risk emerges, and HBTC prices are unlikely to remain unaffected. Investors are advised to gradually establish positions in the support zone with strict stop-losses in place, pay attention to changes in supply-demand concentration and trading volume, and flexibly adjust positions to cope with rapid market shifts.

Huobi BTC (Wormhole)

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