Analysis: BTC chip structure returns to the support range of $117,000, with the first rebound target at $125,000.

BlockBeats news, on August 11, on-chain data analyst Murphy stated that BTC has returned to $120,000. Although it cannot be considered to have successfully held above this level yet, it can at least be confirmed that in terms of chip structure, BTC has returned to the price range supported by $117,000, making the trading range of $112,000 to $116,000 a "safe zone," which is almost consistent with the price trajectory inferred from the "dual anchor structure." From the perspective of the "MVRV extreme deviation pricing range," BTC is currently still operating within the channel formed by the orange-yellow line. Support is gained at the lower band, but it may encounter resistance at the upper band. The current position of the upper band of the operating channel is $125,000, which is also the first target for a rebound within the channel. If it successfully breaks through and the pullback does not fall below this level, it is very likely to rise to the second target of $137,000. If it encounters resistance, it may once again test the key support level of $117,000. This analysis is for learning and communication purposes only and does not constitute investment advice.