Analysis: BTC May Undergo Chip Redistribution in the $112K-$117K Range, Breaking Above $117K to Test New High

BlockBeats News, August 8th. On-chain data analyst Murphy released a market analysis, stating that BTC's breakthrough above $117,000 yesterday was largely influenced by the favorable event of "Trump signing an executive order to include cryptocurrency in the 104K," but it was only a short-term emotional stimulus and has not yet substantially brought in massive funds. The active index of short-term investors is continuously declining after reaching a peak in July, and there is no clear sign of a turning point upwards (forming a higher high). The panic low points seen during recent price corrections are also not as severe as those in December 24 and February 25, indicating that up to this point in the current market cycle, investor sentiment is generally more neutral, leaning neither towards extreme panic nor excessive optimism.

According to URPD data, BTC is once again challenging a key resistance level, with $117,000 being the highest candle in the current entire chip structure, representing the most intense battleground for bulls and bears. After the double-anchor chip distribution found support at $112,000, it is likely to complete chip redistribution between $112,000 and $117,000 and gradually form a new accumulation zone, which is also a process of emotional transition. If BTC can reclaim $117,000, the next target will be a new high. This analysis is for learning and communication purposes only and should not be considered as investment advice.