Analyst: Holding BTC for less than 3 months has once again become a support level for Bitcoin's correction

On-chain data analyst Murphy said in a post that the market reacted to concerns about Powell's speech yesterday and retreated to $112,000 before the speech. And this price happens to be the average turnover cost of holding BTC for less than 3 months.
Murphy added that holding BTC for less than three months is the largest and most active part of short-term chips, and the sentiment of these new investors is also the most vulnerable. When the price falls below the cost line, the book floating profit turns to floating loss, which will bring a lot of psychological pressure, causing the market sentiment to change from optimistic to pessimistic. This cost line happens to be $112,000; and the supporting effect is that when these short-term investors are close to break-even, they are unwilling to sell more of their chips, which generally reduces the selling pressure. At least they have not completely lost confidence in the future, so the judgment of emotion should be anxiety rather than panic.