Analysts: The average turnover cost price of holding BTC for less than 3 months has once again become the support level during the Bitcoin pullback.

BlockBeats reported that on August 23, on-chain data analyst Murphy posted on social media indicating that the market had reacted in advance to concerns about Powell's speech, pulling back to $112,000 before the speech. This price level happens to be the average turnover cost of BTC held for less than 3 months. Murphy added that BTC held for less than 3 months constitutes a significant and active portion of short-term chips, making the sentiment of these new investors particularly susceptible to swings. When the price falls below the cost line, unrealized gains turn into unrealized losses, creating significant psychological pressure and causing market sentiment to shift from optimistic to pessimistic. This cost line is precisely $112,000; the support comes from the fact that when these short-term investors approach breakeven, they are unwilling to sell more of their holdings, which overall reduces selling pressure. At least they have not completely lost confidence in the future, so their emotional assessment should be one of anxiety rather than panic.