Analyst: Bitcoin Pullback Finds Support at $112K as Short-Term Holder Cost Becomes Key Level

Key Points:Bitcoin slipped to $112,000 ahead of Powell’s Jackson Hole speech, aligning with the average cost basis of coins held <3 months. On-chain analyst Murphy says this level is crucial for short-term sentiment, as it marks the breakeven for the most active BTC holders. Selling pressure has eased, with investors showing anxiety but no panic, suggesting cautious stability. Bitcoin Tests $112K Support Ahead of Fed SpeechBitcoin’s price correction to $112,000 on Thursday has highlighted a crucial on-chain support zone, according to data shared by analyst Murphy via BlockBeats source: https://www.binance.com/en/square/post/28700899700617?utm_source=BinanceNewsRSS