Analysis: The "best hitting zone" for short position traders may appear, BTC starts to trend down.

On September 29, on-chain data analyst Murphy stated that BTC is temporarily supported in the extreme pricing range of MVRV (market capitalization to realized market capitalization ratio) around $108,000. This data presents two pieces of information: first, after BTC's second attempt to break through $117,000 failed on September 18, it confirmed that the current rise, which started in April and lasted for four months, has ended. Second, BTC's trend shows a trend decay and has entered the next pricing channel, meaning the price is running between the yellow line and the green line. For traders who have been in a Short Position waiting, a potential 'best hitting zone' may appear. The analyst believes there are two possibilities for the future market trend: it may continue to fluctuate within this channel, with the lower support level still being the green line, currently around $108,000, while the upper resistance levels are $113,000 and $117,000, with $113,000 being particularly critical as the average cost line for short-term investors holding for less than three months; if Bitcoin cannot break through the resistance level, when it pulls back again, the price range may downgrade again, entering between the green line and the blue line. This analysis is for learning and communication purposes only and is not investment advice.