Analysis: BTC tested the "bull-bear boundary" for the second time, and the market may fluctuate around the price realized by short-term holders.

On September 23, on-chain data analyst Murphy released a market analysis titled "The Game of BTC Key Support and Resistance Levels." This round of rebound started from $108,000, but BTC ultimately failed to surpass $117,000. Whether it can break above $117,000 will determine if this rebound is a "strong rebound" or a "weak rebound." This position corresponds to the highest chip column in the entire chip structure, serving as BTC's strongest resistance level, and has accumulated a large amount of short-term loss-making positions. Whether it can break through and stabilize is the best reflection of the market's short-term confidence. The behavior of various whale groups on-chain over the past 15 days indicates that they may be in a neutral or reduction state, clearly conveying a cautious wait-and-see attitude. Currently, BTC is once again approaching STH-RP (Short-Term Holder Realized Price), which is regarded as the "phase boundary between bull and bear" and is currently at $111,400. This support level has undergone its first test during the pullback at the beginning of the month, and will now face a second test of support. Based on past experiences, the second support will be weaker than the first and will gradually weaken. If it cannot stand above $113,500, it may either oscillate around STH-RP or enter a downward trend. This analysis is for learning and communication purposes only and should not be considered as investment advice.