Analysis: Currently, 351,000 BTC have changed hands in the range of $112,000 to $114,000, with $117,000 to $118,000 being the current key resistance level.

On August 5, news emerged that crypto analyst Murphy pointed out that BTC gaining support at the critical position of $112,000 is significant. From the perspective of MVRV extreme deviation pricing range, the trend oscillation range since April has been consistently operating between the orange line and the yellow line, with the current lower bound price of the channel at $112,000. As long as it does not fall below this line, the trend will continue, and the rebound peak is expected to reach the upper bound price of $124,000.

Additionally, URPD data shows that as of today, 351,000 BTC have changed hands in the range of $112,000 to $114,000, an increase of 80,000 since August 3. The current $117,000 to $118,000 has become the most critical resistance level; if it is not broken, BTC may still pull back to $112,000. The most ideal scenario is for the price to consolidate in the range of $112,000 to $117,000, absorbing weak hands and building strength for a subsequent breakout. $BTC