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According to Jinse Finance, on-chain data analyst Murphy stated that the market preemptively reacted to concerns over Powell's speech yesterday, pulling back to $112,000 before the speech. This price point happens to be the average cost basis for BTC held for less than three months. Murphy added that BTC held for less than three months represents the most active and significant portion of short-term holdings, and the sentiment of these new investors is the most volatile. When the price falls below their cost basis, unrealized gains turn into losses, creating considerable psychological pressure and shifting market sentiment from optimism to pessimism. This cost line is precisely $112,000; the support comes from the fact that when these short-term investors approach breakeven, they are less willing to sell their holdings, which overall reduces selling pressure. At the very least, they have not completely lost confidence in the future, so the sentiment should be seen as anxious rather than panicked.