Analysis: Currently, 351,000 BTC have been traded in the range of 112,000 to 114,000 dollars, with 117,000 to 118,000 dollars being the current key resistance level.

PANews August 5th news, encryption analyst Murphy pointed out that BTC gaining support at the $112,000 key position is significant. From the MVRV extreme deviation pricing range, the trend oscillation range since the start in April has always been operating between the orange line and the yellow line, with the current lower band price at $112,000. As long as it does not fall below this line, the trend will continue, and the rebound high point is expected to reach the upper band price of $124,000. In addition, URPD data shows that as of today, 351,000 BTC have been swapped in the $112,000-$114,000 range, an increase of 80,000 since August 3. Currently, the $117,000-$118,000 range has become the most critical resistance level. If it is not broken, BTC may still pull back to $112,000. The most ideal scenario is for the price to consolidate in the $112,000-$117,000 range, absorbing weak hands and building strength for a subsequent breakout.