One step away from a new high, can Bitcoin break through the "short-term chip wall"? Recently, the price of Bitcoin has risen again, just one step away from the high point of the year. Based on the calculation results of the STH-MVRV indicator, Bitcoin currently has significant resistance in the two ranges of US$112,000 and US$117,000. These two price bands correspond to the large entry cost areas of short-term holders in the past. Once the price approaches these positions, the market may usher in short-term chip selling pressure. If the current trend fails to effectively break through the above range, Bitcoin may enter a short-term period of volatility; on the contrary, if it successfully stands on US$117,000, it is expected to trigger a round of trend-based rising market and become the starting point of a new price cycle. The next few days will be a critical moment to verify whether the bullish momentum is sufficient. I will also continue to pay attention to a number of data such as capital flow and on-chain activity to determine whether Bitcoin can successfully open up the upward space.