#ChainMurphi
The on-chain data analyst Murphy announced a return of BTC to $120,000. Although this cannot be considered a successful maintenance for now, it is confirmed that from the perspective of token structure, BTC has returned to the price range supported by $117,000, transforming the rotation zone of $112,000 to $116,000 into a "safety zone", which is almost consistent with the price trajectory deduced from the "double anchor structure".
By observing the "Extreme MVRV Price Range", BTC is currently moving between the channel formed by the orange and yellow lines. It could find support on the lower rail and encounter resistance on the upper rail. The current position of the upper rail of the current channel is $125,000, which is also the first target for the bounce within the channel. If it manages to break through the threshold without falling below during a pullback, it will very likely rise to a new range up to the second target of $137,000. In case of resistance, the price could retest the key support of $117,000. This analysis is provided for learning and communication purposes only and does not constitute investment advice.
