BlockBeats news, August 8th, on-chain data analyst Murphy released a market analysis stating that yesterday's BTC breakout above $117,000 was largely influenced by the positive event of 'Trump signing an executive order to include cryptocurrency in 104K', but this is merely a short-term emotional stimulus and has not yet brought in substantial funds. The short-term investor activity index has been continuously declining since reaching a peak in July, with no obvious signs of a turnaround (forming higher highs). The panic sentiment lows that appeared during the recent price corrections have not been as severe as those in December 2024 and February 2025, indicating that the current market sentiment is generally neutral, with no extreme panic or excessive optimism.
According to URPD data, BTC is once again challenging a key resistance level, with $117,000 being the highest bar in the current overall chip structure, representing the most intense battle between bulls and bears. After the double-anchor structure of chip distribution found support at $112,000, it is likely to complete a chip redistribution between $112,000 and $117,000, gradually forming a new accumulation area, which is also the process of sentiment change. If BTC can reclaim $117,000, the next target will be a new high. This analysis is for learning and communication purposes only and should not be considered as investment advice.
