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🟠 Bitcoin (BTC) is in a critical situation! What levels should we watch? Analysts explain, with one clearly stating: "The price direction will soon become clear..."
Bitcoin (BTC), as the leading cryptocurrency, recently surged to $82,000 but has experienced a pullback in the past few days, with the price dropping to $77,000.
Although short-term BTC prices remain uncertain, one analyst predicts new BTC purchases at $76,000 and considers $66,000 a healthy correction bottom.
Crypto analyst Murphy uses Glassnode's UTXO realized price dispersion (URPD) data to identify Bitcoin's healthy correction range between $66,000 and $78,000.
According to the data, Bitcoin transaction volume between wallets peaks between $66,000 and $78,000. The analyst states this indicates strong buyer interest at these price levels.
Conversely, the analyst points out that although the price has held within this range for about a week, trading volume between $80,000 and $82,000 is relatively low. This discrepancy suggests the market may be seeking a more solid foundation at lower levels than the current prices.
Additionally, the analyst notes that despite recent price declines, trading volume at the $78,000 level has increased.
Furthermore, the amount of BTC held has increased from about 200,000 BTC to 380,000 BTC, with an average purchase price of around $76,000. This indicates that despite the price falling below the cost bottom, additional buying pressure is still emerging.
Combining all this data, the analyst states he expects Bitcoin's current correction range to be between $66,000 and $78,000, but pinpointing the exact bottom remains difficult.
Bitcoin's medium-term direction will soon become clear!
On the other hand, another analyst states that Bitcoin's medium-term trend will soon become clear, with the next resistance level at $81,000.