Bitcoin ( BTC ) has recently shown significant trading activity around a price of $117,000, with a cumulative trading volume of 766,000 coins, establishing a key support level. This large concentration of trades reflects the divergence of market participants regarding the current price; some believe that the price is already too high, while others think there is still room for an increase. This situation typically requires some time to digest, and ultimately the market will form a clear direction.

Since May, the BTC price has been fluctuating between the yellow line and the orange line of the MVRV deviation indicator. Currently, the yellow line has risen to $114,000, and as long as the price does not fall below this level, the overall upward trend may continue.

It is worth noting that the $112,000 double-anchor midpoint has repeatedly acted as support during historical pullbacks. A comprehensive analysis suggests that the range of $112,000 to $114,000 may serve as effective support. Unless an unexpected event occurs, there is currently no sign of a significant downside risk.

Above, there may be resistance around $126,000, and breaking this level in the short term may require more consolidation. Overall, the market is still oscillating within a range, digesting chips.

Investors should closely monitor the changes in this key price range while weighing potential risks and opportunities. The future direction of the market will depend on the combined effects of various factors, including the macroeconomic environment, regulatory policies, and the development of the cryptocurrency ecosystem. It is crucial to maintain a cautious and rational attitude when making investment decisions.