The key support line for short-term BTC holders is $112,000.

On August 23, data analyst Murphy posted on social media that the market reacted in advance to concerns about Powell's speech, pulling back to $112,000 before the speech. This price level happens to be the average turnover cost of "BTC held for less than 3 months."

Murphy added that holding BTC for less than 3 months represents a significant and the most active portion of short-term chips, and the sentiment of these new investors is also the most likely to swing. When the price falls below the cost line, turning paper profits into paper losses, it creates considerable psychological pressure, shifting market sentiment from optimism to pessimism. This cost line happens to be 112,000 dollars; and the support comes from when these short-term investors are nearing breakeven, they are unwilling to sell more of their chips, which overall reduces selling pressure. At least they have not completely lost confidence in the future, so in terms of emotional judgment, it should be anxiety rather than panic.