Bitcoin's price has returned to the $120,000 level. Although it cannot be confirmed that it has fully stabilized in the short term, from the chip structure perspective, the market has returned to operating within the range supported by $117,000. This means that the trading range of $112,000 to $116,000 has been transformed into a 'safe zone', highly consistent with the previously predicted trend based on the 'double anchor structure'.
From the 'MVRV extreme deviation pricing range', BTC is currently fluctuating within the price channel formed by the orange and yellow lines. The current price has received effective support at the lower boundary of the channel (yellow line), making the upper boundary (orange line) the first potential resistance level, located at approximately $125,000.
(Figure 1)
If the Bitcoin price breaks through this level and maintains support during a pullback, it is expected to enter a higher range, with the second target pointing to the red line at $137,000. However, if it encounters resistance at the orange line, there is a risk of pulling back to the yellow line, at which point the support level of $117,000 will be tested again.#BTC重返12万
