Recently, the Bitcoin price fell below the $117,000 mark, attracting market follow. The URPD chip distribution chart shows that approximately 720,000 Bitcoins have accumulated at this price level, becoming an important Node for the convergence of bullish and bearish forces. After breaking through this key position, the short-term market pattern has undergone significant changes.

Analysis shows that the current price has entered the middle zone of the 'dual anchor structure' formed by the two ranges A and B. Based on historical experience, if the holders of chips in these two ranges remain stable, the pullback bottom may form between 112,000 and 113,000 dollars, which coincides exactly with the 'hand-over gap' in the chip structure.

The key to the short-term trend lies in whether it can return to $117,000. If it cannot quickly rebound and stabilize at this position, the possibility of a 'gap filling' market will greatly increase. Conversely, if it can quickly recover and solidify at this level, there is a higher probability of breaking upwards after a period of consolidation.

From a long-term trend perspective, the MVRV extreme deviation pricing range provides an important reference for judging the major trend. Historical data indicates that this metric has certain guiding significance in predicting Bitcoin price direction.

Market participants should closely follow the performance of prices at key positions, while conducting a comprehensive analysis in conjunction with indicators such as MVRV, to better grasp the future direction of the Bitcoin market. In any case, it is crucial to maintain a rational and cautious attitude when making investment decisions.