Analysis of Bitcoin Price Movement Against Market Fluctuations
According to BlockBeats, blockchain data analyst Murphy noted that Bitcoin (BTC) has returned to $120,000. While it is still too early to declare this a stable position, it is clear that BTC has re-entered the price range supported by $117,000. This shift has turned the range of $112,000 to $116,000 into a "safe zone," closely aligned with the projected price trajectory based on a "double anchor structure."
Analyzing the "MVRV price deviation range," BTC is currently operating within the channel defined by the orange-yellow lines. It has found support at the lower boundary and may encounter resistance at the upper boundary. The current upper boundary of this channel is $125,000, marking the first target for a rebound within the channel. If BTC successfully breaks this level without retracing, it is likely to move towards the next target of $137,000. However, if resistance is encountered, the critical support level of $117,000 may be tested again. This analysis is for educational purposes and should not be considered investment advice.
