Analyst Murphy has identified the densest trading ranges for Bitcoin as $94,000-$98,000 and $101,000-$118,000, according to a BTC Cost Base Distribution (CBD) heatmap. These ranges align with the historical fair price of $98,000 and the average cost for short-term holders at $104,000, serving as key indicators for market transitions. Additionally, data from November 21st to 23rd reveals that 950,000 BTC were accumulated in the $84,000-$85,000 range. Of this, 550,000 BTC were linked to Coinbase's wallet consolidation, while 400,000 BTC were genuine transactions, potentially involving whale activity. The CBD method, which uses address-based calculations, offers crucial insights into token distribution across the market.