Analyst Murphy: The densest trading range for BTC is $94,000-$98,000 and $101,000-$118,000.

According to the BTC Cost Base Distribution (CBD) heatmap shared by analyst Murphy, the most concentrated areas of trading volume are currently $94,000-$98,000 and $101,000-$118,000, which correspond to the historical fair price ($98,000) and the average cost of short-term holders ($104,000), respectively, serving as important reference lines for the transition between bull and bear markets.