Bitcoin's Price Movement Analyzed Amid Market Fluctuations

According to BlockBeats, on-chain data analyst Murphy has noted that Bitcoin (BTC) has returned to $120,000. While it is premature to declare this a stable position, it is evident that BTC has re-entered a price range supported by $117,000. This shift has turned the $112,000 to $116,000 range into a 'safe zone,' aligning closely with the predicted price trajectory based on the 'dual anchor structure.' Analyzing the 'MVRV extreme deviation pricing range,' BTC is currently operating within a channel defined by orange-yellow lines. It has found support at the lower boundary and may encounter resistance at the upper boundary. The current upper boundary of this channel is at $125,000, marking the first target for a rebound within the channel. If BTC successfully breaks through this level without falling back, it is likely to move to the next target at $137,000. However, if resistance is met, the critical support level of $117,000 may be tested again. This analysis is intended for educational purposes and should not be considered investment advice.