Analysis: $117,000 is the primary resistance level for the BTC rebound, with over 500,000 coins accumulated above.

BlockBeats news, on September 15, on-chain data analyst Murphy stated that according to the BTC Cost Basis Distribution (CBD) data, there is a dense chip accumulation area above the current price, with over 500,000 coins and a cost basis around $117,300 to $119,100. $117,000, as the previously strongest support level, has transformed into the maximum resistance level for BTC's rebound. The accumulation time for this batch of chips was roughly from July 15 to July 22 of this year, and they were not sold during BTC's pullback but have been held until now. The overall market sentiment remains cautious, and once this batch of holders transitions from unrealized losses to recouping investment, it will significantly impact the height of BTC's rebound. Together with the “MVRV extreme deviation pricing range”, this round of market has been operating between the yellow line and the orange line of the pricing range since it started in April this year, forming an upward trend channel. The current lower band of the channel has moved up to $117,500, with the upper band at $128,700. If BTC can successfully break through the aforementioned resistance range and does not drop below on the retest, it indicates that BTC has returned to the upward trend channel from April to August, and the expected height of the rebound can be seen at the upper band of the channel. This analysis is for learning and communication purposes only and should not be considered as investment advice.