Recently, the Bitcoin market has experienced a pullback, with the price once touching the critical support level of $112,000. This price point is not just an ordinary number; it represents the average cost line for short-term investors, referred to as the "short-term chip defense line" by on-chain data analyst Murphy.

This line of defense is made up of investors who have held Bitcoin for less than 3 months, and they are the most sensitive to market fluctuations. Murphy emphasizes that the importance of this price level lies in its potential to become a turning point for market sentiment. If the price falls below this level, investor sentiment may quickly shift from optimistic to pessimistic; conversely, as long as the price remains above this line, it can effectively alleviate selling pressure.

Currently, the support level of $112,000 seems to be holding. Although there are still concerns among investors, there are no signs of panic selling in the market. This indicates that the "cost defense" effect of short-term holders is showing its strength.

For the future trend of Bitcoin, the strength of this support level may become a key indicator for determining whether short-term market sentiment can stabilize. Investors are closely monitoring this level to assess the overall health of the market and potential direction of development.

In the current uncertain market environment, whether Bitcoin can hold this key support level not only concerns the confidence of short-term investors but may also impact the overall trend of the cryptocurrency market. As the market continues to evolve, we will see if this "lifeline" can truly provide the necessary support for Bitcoin, helping it navigate through this challenging period.