Analyst: The average turnover cost price for 'holding BTC for less than 3 months' has once again become a support level during Bitcoin's pullback
According to BlockBeats, on-chain data analyst Murphy stated that concerns over Powell's speech led BTC to pull back to $112,000 before the speech. This price level represents the average turnover cost for BTC held for less than 3 months.
Murphy pointed out that BTC held for less than 3 months is the most active part of short-term chips, and a price drop below the cost line will shift market sentiment from optimistic to pessimistic. The $112,000 cost line has reduced selling pressure, causing investor sentiment to be anxious but not panic.