BlockBeats reports that on August 11, on-chain data analyst Murphy stated that BTC has returned to $120,000. Although it cannot be considered firmly established yet, it can at least be confirmed that: in terms of chip structure, BTC has returned to the price range supported by $117,000, making the trading range of $112,000 to $116,000 a 'safe zone', which is almost consistent with the price movement trajectory inferred from the 'dual anchor structure'.
From the 'MVRV Extreme Deviation Pricing Range', BTC is currently still operating within the channel formed by the orange-yellow line. It is supported at the lower bound and may encounter resistance at the upper bound. The current position of the upper bound of the operating channel is $125,000, which is also the first target for a rebound within the channel. If it successfully breaks through and does not drop below on the pullback, it is highly likely to rise to the second target of $137,000. If it encounters resistance, it may retest the critical support level of $117,000. This analysis is for educational purposes only and should not be considered investment advice.
