Analyst: BTC breaks below the key support of $117,000, the probability of "filling the gap" rises

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Odaily News On-chain data analyst Murphy pointed out that the price of Bitcoin has fallen below the key support level of 117,000 USD, and the probability of "filling the gap" is continuously rising. According to the URPD chip structure, 117,000 USD is the range with the most accumulated chips at a single price, reaching 720,000 BTC, indicating a fierce Bull vs Bear Battle and frequent turnover. Currently, BTC has entered the mid-range of the "double anchor structure" formed between 116,000 to 119,000 USD and 102,000 to 109,000 USD. Murphy pointed out that the middle of this structure (around 112,000 to 113,000 USD) is the chip fault area. If the market cannot quickly return and stabilize at 117,000 USD, the risk of filling the gap will further increase; if it can stabilize and digest the pressure through fluctuations, there will still be opportunities for upward movement.

BTC-0.56%
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