BlockBeats reports that on August 1, on-chain data analyst Murphy stated that the Bitcoin 117,000 dollar support level has been lost, and the probability of 'filling the gap' is rising. According to on-chain Bitcoin data, the 117,000 dollar mark is a significantly higher volume bar compared to other price ranges, with 720,000 BTC stacked at this single price, indicating that the battle between bulls and bears at 117,000 dollars is extremely fierce, resulting in a large turnover. The current price of BTC has already fallen below this important support level.
Whenever the single price bar accumulates more chips, the game will reach a critical point, and the market will come to a moment of short-term directional choice. The 116,000 to 119,000 chip range has height but no width, making it easy for short-term content to be broken down by a decline. Currently, the market seems to be choosing a downward direction, entering the middle area of the 'dual anchor structure' of the 116,000 to 119,000 chip range and the 102,000 to 109,000 chip range. Based on past experience, as long as two chip ranges are firmly held, the bottom of the pullback can easily form in the middle of the 'dual anchor structure', with the middle position around 112,000 to 113,000 dollars, which is also a gap area in the chip structure (turnover gap).
If the BTC price does not return to 117,000 dollars and establish this as support in the short term, the probability of 'filling the gap' will increase. Conversely, if it can quickly return without breaking the 117,000 dollar support level, after some fluctuations, breaking upwards again will be a high probability event. This sharing is for learning and communication purposes only and is not intended as investment advice.
