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According to ChainCatcher, on-chain data analyst Murphy stated that based on BTC Cost Basis Distribution (CBD) data, there is a dense cluster of positions above the current price, totaling more than 500,000 BTC, with a cost basis around $117,300 to $119,100. The $117,000 level, which previously served as the strongest support, has now become the biggest resistance for BTC's rebound. These positions were established roughly between July 15 and July 22 this year, and have been held until now without being sold during BTC's pullback. The overall market sentiment remains cautious. Once these holders move from unrealized losses to breakeven, it will significantly impact the height of BTC's rebound. Combining the "MVRV Extreme Deviation Pricing Range," this cycle has been running between the yellow and orange lines of the pricing range since it started in April this year, forming an upward trend channel. The lower boundary of the current channel has moved up to $117,500, while the upper boundary is at $128,700. If BTC can successfully break through the above resistance range and does not fall below it on a pullback, it means BTC will re-enter the upward trend channel from April to August, and the expected rebound height can be seen at the upper boundary of the channel. This analysis is for learning and communication purposes only and does not constitute investment advice.