According to BlockBeats, on September 12, analyst Murphy wrote an article stating that the question of why Bitcoin is struggling to break through $82,000 might be answered by examining its price structure.

First, the short-term holders' holdings (STH) are distributed between $59,000 and $81,000 (red in Figure 1). If it breaks through $82,000, it means that all STH are profitable. Some short-term speculative funds will choose to take profits, which is the first layer of selling pressure.

Secondly, while the long-term holders' (LTH) positions are distributed across the entire price axis, the most concentrated peak is precisely between $81,000 and $82,000 (blue in Figure 1). These LTH holders may not necessarily be true believers; some may have simply bought in and been stuck with losses, passively becoming long-term holders. They choose to exit when the price approaches break-even. This is the second layer of selling pressure.

Furthermore, this area is also a hub for mega-whales. Besides two whales holding over 100,000 BTC, the rest are concentrated between $78,000 and $82,000.

Analysts believe that breaking through $82,000 will indeed face resistance in the short term, and the market needs time to digest the divergence and supply. Once the market regains momentum and successfully breaks through, the road ahead will be much smoother.