Market Summary:
Bitcoin has dropped below the critical $117,000 support level, according to on-chain data and trading activity observed on Binance. This price break signals a potential gap-filling move toward the lower end of the "double anchor structure," raising concerns among short-term traders and long-term holders alike.
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🔍 Key On-Chain Insights:
Analyst Murphy (via BlockBeats) noted that 720,000 BTC were accumulated around the $117,000 level. This zone represented a major battleground between bulls and bears.
This level acted as a chip accumulation zone, and breaking it may initiate a cascade effect if not reclaime
d quickly.
Key On-Chain Insights:
Analyst Murphy (via BlockBeats) noted that 720,000 BTC were accumulated around the $117,000 level. This zone represented a major battleground between bulls and bears.
This level acted as a chip accumulation zone, and breaking it may initiate a cascade effect if not reclaimed quickly.
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🧠 Understanding the Chip Structure:
The chip structure between $116,000 and $119,000 is tall but narrow, meaning it's structurally weak and could give way to downward pressure.
The next major zone lies between $102,000 and $109,000, but historically, retracements tend to find footing around $112,000–$113,000 — the midpoint and chip gap.
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⚠️ What This Means for Traders:
Bearish Bias: Unless Bitcoin quickly reclaims $117,000, we may see continued downward movement.
Potential Reversal Zone: If BTC finds support near $112,000–$113,000, this could serve as a bottoming area.
Bullish Recovery: A fast rebound above $117K could lead to a new breakout attempt after so
me sideways consolidation.$BTC