On-chain data expert Murphy highlights Bitcoin’s price resurgence, currently hovering around $120,000 after recent market fluctuations. While still early to declare stability, the current range appears supported by $117,000, potentially marking a ‘safe zone,’ aligning with predicted price trajectory based on the ‘dual anchor structure’. Analysis of the ‘MVRV extreme deviation pricing range’ reveals BTC within a channel defined by orange-yellow lines. Support is at the lower boundary, while resistance could be found at the upper boundary, currently set at $125,000. This level marks a potential rebound target if Bitcoin breaks through. If resistance holds, support at $117,000 may once again come under scrutiny. Please remember, this analysis is intended for educational purposes only and should not be construed as investment advice.