Analyst: Bitcoin Faces Strong Support at $78,000 with Significant Chip Exchange, Real Resistance Above $87,000 if Stabilizing at $82,000

On May 5, crypto analyst Murphy stated that BTC is currently filling the gap left in its chip structure since November 2024. The recent chip concentration is around $78,000, where approximately 423,000 BTC have exchanged hands, indicating significant capital entry forming support. He noted that the trading volume between $79,000 and $80,000 has significantly decreased, possibly due to proximity to key integer levels and resistance points, leading some capital to adopt a wait-and-see approach. There remains an unfilled chip gap in the $81,000 to $82,000 range, and prices are expected to fluctuate within this range until sufficient chip exchange occurs before challenging higher levels. Murphy emphasized that the chip concentration in the $83,000 to $84,000 range is primarily due to Coinbase’s wallet consolidation and does not constitute real resistance. If BTC stabilizes above $82,000, the true pressure will come from the chip concentration above $87,000.