Bitcoin's pullback seeks the 'lifeline' again! $112,000 becomes the key support, short-term cost line withstands selling pressure

Market concerns before Powell's speech once pulled Bitcoin down to the critical level of $112,000—this price point is precisely the 'short-term chip defense line' mentioned by on-chain data analyst Murphy: the average turnover cost price of BTC held for less than 3 months.

As the most active short-term chips in the market, BTC holders with 'holding time < 3 months' are particularly sensitive to price fluctuations. Murphy pointed out that once the price falls below this cost line, market sentiment can easily shift from optimistic to pessimistic; conversely, the support role of the cost line will significantly reduce selling pressure. From the current performance, $112,000 effectively absorbs the pullback pressure, and although investors still feel anxious, there has been no panic selling, highlighting the 'cost protection' effect of short-term chips.

For Bitcoin's subsequent trend, the effectiveness of this key support level may become an important signal for judging whether short-term market sentiment can stabilize.