The amount of BTC that has changed hands at the single price of $117,000 far exceeds other positions, currently reaching 766,000 coins; therefore, this is one of the most critical support levels for BTC in terms of chip structure!

The generation of the massive volume bar is a real reflection of strong market divergence, and it requires time to seek a new price consensus. If more and more people 'feel it's expensive,' then it will go down; conversely, it will go up. When the divergence reaches a critical point, there will definitely be a result. I feel that the accumulation of 760,000 coins is a bit much, which is a sign that a direction is about to emerge.

In this trend, since May, BTC's price has been fluctuating within the channel formed by the yellow and orange lines of the MVRV extreme deviation pricing range. Currently, the lower yellow line of the channel has risen to $114,000, which means that as long as BTC's pullback does not break this line, we consider it a continuation of this trend.

Additionally, $112,000 remains the midpoint of the dual-anchor structure, and practice has proven that it has played a positive role multiple times during trend pullbacks. I personally believe that $112,000-$114,000 will be an effective support range. As long as there are no sudden black swan events, BTC should not have a significant risk of a drop for the time being.

Even a relatively 'weak' sideways consolidation is normal; otherwise, the resistance level above $126,000 will not be so easily broken.