BlockBeats News, September 29th: On-chain data analyst Murphy stated that BTC is currently finding support around $108,000 in the extreme price range of MVRV (Market Value to Realized Value Ratio). This data presents two pieces of information: First, when BTC made its second attempt to break through $117,000 on September 18th and failed, it confirmed the end of the upward trend that started in April and lasted for 4 months. Second, BTC’s trend has shown signs of weakening and has entered the next level of pricing channel, with the price operating between the yellow line and the green line.
For traders who have been staying in cash waiting for opportunities, a potential “best hitting area” may emerge. The analyst believes that there are two possible scenarios for the future trend:
1. Continuing to oscillate within this channel, with the lower support still being the green line, currently around $108,000, and the upper resistance being $113,000 and $117,000. The $113,000 level is particularly crucial as the average cost line for investors holding for less than 3 months.
2. If Bitcoin fails to break through the resistance, the price range might experience another downgrade when it retraces again, meaning the price would enter between the green line and the blue line. This analysis is for learning and communication purposes only and should not be considered as investment advice.
