Analysis: Currently, 351,000 BTC have been traded in the range of 112,000 to 114,000 USD, with 117,000 to 118,000 USD being the current key resistance level.


On August 5, news reported that crypto analyst Murphy pointed out that BTC gaining support at the $112,000 key level is significant. From the perspective of the MVRV extreme deviation pricing range, the trend's oscillation has consistently run between the orange line and the yellow line since April, with the current lower channel price at $112,000. As long as it does not fall below this line, the trend will continue, and the rebound peak is expected to reach the upper channel price of $124,000.
In addition, URPD data shows that as of today, 351,000 BTC have been exchanged in the $112,000-$114,000 range, an increase of 80,000 since August 3rd. Currently, $117,000-$118,000 has become the most critical resistance level, and unless this level is broken, BTC may still pull back to $112,000. The most ideal scenario is for the price to consolidate in the $112,000-$117,000 range, absorbing weak hands and building momentum for a subsequent breakout. $BTC
{future}(BTCUSDT)
BTC0.74%
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