PANews reported on May 19 that BeInCrypto cited the Glassnode IOMAP indicator as saying that according to data, investors have purchased a total of 27,976 bitcoins in the past week, with a total value of more than US$2.88 billion, reducing the circulating supply to about 3 million.

The IOMAP indicator shows that Bitcoin has formed strong support in the range of $102,886 to $99,894, and investors have accumulated more than 398,590 bitcoins in this range, worth more than $41 billion. This support area is seen as a strong buying zone, and many investors choose to continue holding to wait for prices to rise. Despite today's 3.3% drop, further declines are unlikely due to strong demand. Previously, Bitcoin briefly touched $107,108, and it is expected to break through $105,000 again in the future, forming a consolidation above $102,734, paving the way for further increases.

However, if long-term holders choose to take profits, Bitcoin may fall below the $102,734 support level and further drop to the $100,000 range. The current market sentiment is generally bullish, and investor accumulation behavior may push Bitcoin gradually closer to its historical high of $109,588, which is only about 6.5% away.