Analysis: BTC Revisits Key Support Level in Bull-Bear Transition Phase, Future Price Action Likely to Revolve Around Short-Term Holders

BlockBeats News, September 23rd, on-chain data analyst Murphy released the market analysis "BTC Key Support and Resistance Battle". In this round, the rebound started from $10,800, but BTC ultimately failed to break above $117,000. Whether it can break above $117,000 will determine whether this rebound is a "strong rebound" or a "weak rebound". This price level corresponds to the highest chip column in the entire chip structure, serving as the strongest resistance for BTC, gathering a large number of short-term trapped positions. Whether it can break through and stabilize is the best reflection of short-term market confidence.

Over the past 15 days, the behavior of various whale groups on-chain has shown that they are either neutral or in a selling state, clearly conveying a cautious wait-and-see attitude. Currently, BTC is once again approaching the STH-RP (Short-Term Holder Realized Price), which is seen as the "phase bull-bear dividing line" and is currently at $111,400. This support level underwent its first test during the early-month pullback and will now undergo a second test of support. Based on past experience, the second test of support will be weaker than the first and will gradually weaken. If it cannot break above $113,500, the next steps may involve repeated tugging around the STH-RP or entering a fluctuating downtrend. This analysis is for learning and communication purposes only and should not be considered as investment advice.