Analysis: BTC may complete chip redistribution between $112,000 and $117,000, and breaking above $117,000 will challenge new highs.

On August 8, on-chain data analyst Murphy released a market analysis, stating that yesterday's BTC breakthrough of $117,000 was largely influenced by the favourable information of "Trump signing an executive order to include crypto assets in 104K", but it only belongs to short-term emotional stimulation and has not yet brought substantial mass capital. The short-term investor activity index has been continuously declining since reaching a peak in July, and there are no obvious signs of a turnaround (forming higher highs). The panic sentiment lows during recent price pullbacks are also not as severe as those in December 24 and February 25, indicating that throughout this round of market conditions, investor sentiment is generally more neutral, with neither extreme panic nor excessive optimism. According to URPD data, BTC is once again making a push towards the key resistance level, and $117,000 is also the highest pillar in the current chip structure, representing the most intense Bull vs Bear Battle. After the double anchor structure of chip distribution received support at $112,000, it is likely to complete the redistribution of chips between $112,000 to $117,000 and gradually form a new accumulation area, which is also the process of sentiment transition. If BTC can regain above $117,000, the next target will be a new high. This analysis is for educational communication only and does not constitute investment advice.