BTC breaks through 117,000 USD, chip redistribution may be completed in the 112,000-117,000 range.

[Block Rhythm] 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 "Trump signing an executive order to include crypto assets in 104K" favourable information event. However, this is merely a short-term emotional stimulus and has not yet substantially brought in massive funds. The short-term investor activity index has been continuously declining since reaching a peak in July, with no significant signs of turning upwards (forming higher highs). The panic sentiment lows observed during recent price pullbacks are also not as severe as those in December 24 and February 25, indicating that in this round of market movement, investor sentiment is overall leaning towards neutral, meaning there is neither extreme panic nor excessive optimism.

According to URPD data, BTC has once again launched an attack on the key resistance level, with $117,000 also being the highest pillar in the current overall chip structure, representing a fierce battle between bulls and bears. After the dual-anchor structure of chip distribution found support at $112,000, it is likely to complete chip redistribution between $112,000 and $117,000, gradually forming a new accumulation zone, which is also a process of emotional change. If BTC can regain $117,000 afterward, the next target will be a new high. This analysis is for learning and communication purposes only and is not investment advice.