[Analyst: "Average Cost Basis of BTC Held for Less Than 3 Months" Becomes Support Level During Bitcoin Pullback] BlockBeats News, August 23 – On-chain data analyst Murphy posted on social media, stating that the market preemptively reacted to concerns over Powell's speech yesterday, pulling back to $112,000 before the speech. This price level happens to be the average cost basis for BTC held for less than 3 months. Murphy added that BTC held for less than 3 months represents the most active portion of short-term holdings, which also accounts for a significant proportion. The sentiment of these new investors is the most prone to fluctuation. When the price falls below the cost basis and unrealized gains turn into unrealized losses, it creates considerable psychological pressure, shifting market sentiment from optimism to pessimism. This cost basis, precisely at $112,000, serves as a support level because these short-term investors, nearing their breakeven point, are less willing to sell their holdings, thereby reducing overall selling pressure. At the very least, they have not completely lost confidence in the future, so the sentiment should be interpreted as anxiety rather than panic.