[Analysis: $117,000 is the primary resistance level for BTC rebound, with over 500,000 tokens accumulated above this level] BlockBeats news, September 15, on-chain data analyst Murphy stated that based on BTC Cost Basis Distribution (CBD) data, there is a dense accumulation zone of over 500,000 tokens above the current price, with a cost basis around $117,300 to $119,100. The $117,000 level, previously the strongest support, has now turned into the biggest resistance for BTC rebound. These tokens were accumulated roughly between July 15 and July 22 of this year and have been held without selling during BTC's pullback. The overall market sentiment remains cautious, and once these holders shift from unrealized losses to breakeven, it could significantly impact the rebound height of BTC. Considering the 'MVRV extreme deviation pricing range,' this cycle, which started in April this year, has consistently operated between the yellow and orange lines of the pricing range, forming an upward trend channel. The lower boundary of the current channel has moved up to $117,500, while the upper boundary is at $128,700. If BTC can successfully break through the aforementioned resistance zone and avoid falling below it during a retest, it would indicate that BTC has returned to the upward trend channel seen between April and August, allowing the rebound's expected height to reach the channel's upper boundary. This analysis is for learning and discussion purposes only and does not constitute investment advice.