Analysis: Currently, 351,000 BTC have changed hands in the $112,000 to $114,000 range, with $117,000 to $118,000 becoming the current key resistance level.

Crypto analyst Murphy noted that BTC's support at the key $112,000 level is of great significance. The MVRV extreme deviation pricing range shows that the trend since April has consistently oscillated between the orange and yellow lines, with the lower band currently at $112,000. As long as this line remains above, the trend will continue, with the rebound expected to reach the upper band at $124,000. Furthermore, URPD data shows that as of today, 351,000 BTC have traded between $112,000 and $114,000, an increase of 80,000 since August 3rd. Currently, $117,000-$118,000 has become the most critical resistance level, and BTC could still retreat to $112,000 before breaking through. The ideal trend is for the price to consolidate between $112,000 and $117,000, absorbing undecided investors and building momentum for a subsequent breakout.