At the price level of 117,000 for $BTC , the turnover of BTC's chips is significantly higher than in other ranges, currently accumulating to 766,000 coins, which is considered a relatively critical support position.

This large accumulation of chips actually reflects market divergence: some believe the price is too high, while others find it acceptable, so time is needed to digest it. Generally, in such situations, the direction will eventually emerge.

From the trend perspective, BTC has been running between the yellow and orange lines of the MVRV deviation range since May. The current yellow line has risen to 114,000, as long as the price does not fall below this range, the overall trend can still be considered sustained.

Additionally, the double anchor midpoint at 112,000 has historically played a role during the correction phase multiple times. In combination, the 112k–114k range may serve as effective support. Unless an unexpected black swan event occurs, there doesn't seem to be a significant risk of a sharp decline for now.

The resistance above is approximately at 126,000, and breaking through this in the short term may require more sideways consolidation. Overall, the market is still oscillating within the range to digest the chips.