Analysis: BTC On-Chain Structure Returns to $117k Support Range, First Rebound Target is $125k
BlockBeats News, August 11th. On-chain data analyst Murphy posted that BTC has returned to $120,000. Although it cannot be considered a successful hold for now, it can be confirmed that on the chip structure side, BTC has once again returned to the price range supported by $117,000, turning the turnover zone of $112,000 to $116,000 into a "safe zone," which is almost consistent with the price trajectory deduced based on the "double-anchor structure."
Looking at the "MVRV Extreme Deviation Pricing Range," BTC is currently still running between the channel formed by the orange and yellow lines. It may find support at the lower rail and face resistance at the upper rail. The current upper rail position of the running channel is $125,000, which is also the first target of the rebound within the channel. If it successfully breaks through and does not fall below on a pullback, it will most likely move up another range to the second target of $137,000. If it encounters resistance, it may retest the key support of $117,000. This analysis is for learning and communication purposes only and is not investment advice.
You may also like
Gainers
Latest Crypto News
24-hour Spot Funding Inflow/Outflow List: ETH Net Outflow of $126 million, ZEC Net Outflow of $18.2 million
Bloomberg: Fed Never So Split on Long Rate Strategy
Key Transaction Data: US 10-Year Treasury Yield Rises to 4.086%
Mainstream Perp DEX Overview: Hyperliquid Surpasses $10 Billion in Trading Volume Again, Platform Volumes Rebound Collectively
The European Stablecoin Alliance Appoints Former Coinbase Executive as Chief Executive Officer
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Services:support@weex.com