Analysis: BTC's secondary test 'stage bull bear boundary', price fluctuations may occur around short-term holders in the future According to BlockBeats, on September 23rd, blockchain data analyst Murphy released a market analysis titled "The Game of BTC Key Support and Resistance Levels". The rebound started at $108000 in this round, but BTC ultimately failed to rise above $117000. Whether it can stand at $117000 will determine whether this rebound is a "strong rebound" or a "weak rebound". This position corresponds to the highest chip column in the entire chip structure, which is the strongest resistance level for BTC, gathering a large number of short-term trapped stocks. Whether it can break through and stabilize is the best reflection of the market's short-term confidence. The behavior of various whale populations on the chain in the past 15 days has shown that they are either in a neutral or reducing state, clearly conveying a cautious and watchful attitude. The current BTC is once again infinitely close to the STH-RP (Short Term Holder Realizing Price), which is considered the "phase bull bear boundary" and is currently at $111400. This support level underwent its first test during the pullback at the beginning of the month, and will be tested again for the second time. Based on past experience, the support effect of the second time will be weaker than that of the first time and will gradually weaken. If unable to stand at $113500, the next step may be to repeatedly pull around STH-RP or enter a volatile downward trend. Analysis is only for learning and communication purposes and is not intended as investment advice.