Analysis: BTC chip structure returns to the support range of $117000, with the first target for rebound being $125000

BlockBeats news, on August 11th, on chain data analyst Murphy posted that BTC has returned to $120000. Although it cannot be immediately considered successful, it can be confirmed that BTC has returned to the price range supported by $117000 in terms of chip structure, making the turnover zone of $112000 to $116000 a "safe zone", which is almost consistent with the price trajectory inferred based on the "double anchor structure". From the perspective of the extreme deviation pricing range of MVRV, BTC is still operating between channels composed of orange yellow lines. Getting support on the lower track may encounter resistance on the upper track. The current track position on the operating channel is $125000, which is also the first target level for rebound within the channel. If the breakthrough is successful and the pullback does not fall below, there is a high probability that it will rise another range to the second target level of $137000. If encountering obstacles, it may once again test the key support level of $117000. Analysis is only for learning and communication purposes and is not intended as investment advice.