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Analysis: Bitcoin 'Filling the Gap' Probability is Rising, Pullback Bottom or Forming in 'Double Anchor Structure' Middle
BlockBeats News, August 1st, on-chain data analyst Murphy stated in a post that the $117,000 Bitcoin support level has been breached, and the probability of a "gap fill" is increasing. According to Bitcoin on-chain data, the $117,000 price level is a significantly higher volume bar compared to other price ranges in the URPD chip structure, with a total of 720,000 BTC stacked at this single price, indicating an intense battle between bulls and bears at the $117,000 price level, resulting in significant turnover. The current price of BTC has already fallen below this key support level.
Whenever a single price bar accumulates more chips, the game will reach a critical point, and the market will face a moment of short-term directional choice. The chip range from $116,000 to $119,000 has high density but lacks width, making it vulnerable to a short-term breakthrough. Currently, the market seems to be choosing a downward direction, entering the middle area of the chip ranges from $116,000 to $119,000 and $102,000 to $109,000, forming a "dual-anchor structure." Based on past experience, as long as two chip ranges hold firmly, the bottom of the retracement is likely to form in the middle of the "dual-anchor structure," with the intermediate position around $112,000 to $113,000, which is also a fractured range in the chip structure (turnover gap).
Therefore, if the BTC price does not quickly return to and hold above $117,000 in the short term, the probability of a "gap fill" will increase. Conversely, if the price can swiftly return without breaking below the $117,000 support level, a rapid upward breakthrough after oscillation is a high-probability event. This information is shared for learning and communication purposes only and should not be considered as investment advice.
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