Analysis: US$117,000 is the primary resistance level for BTC rebound, and there are more than 500,000 chips above

According to BlockBeats, on September 15, on-chain data analyst Murphy said that judging from the BTC cost basis distribution (CBD) data, there is a dense stacking area above the current price, with a quantity of more than 500,000 pieces, and a cost basis of around 117,300 to 119,100 US dollars. $117,000 was converted to the maximum resistance level for BTC rebound as the strongest support level before. The position building time of this batch of chips was roughly around July 15 to July 22 this year. When BTC was pulled back, it was not sold and held until now. The overall market sentiment is still relatively cautious. Once this group of holders switches from floating losses to profit recovery, it will significantly affect the rebound height of BTC. Combined with the "MVRV extreme deviation pricing range", this round of market has been running between the yellow and orange lines of the pricing range since it started in April this year, forming an upward trend channel. The lower rail of the current channel has been moved up to $117,500 and the upper rail is $128,700. If BTC can successfully break through the above resistance range and does not fall below the retracement, it means that BTC returns to the upward trend channel from April to August, and can see the expected height of the rebound to the upper channel of the channel. Analysis is only used for learning and communication and is not used as investment advice.