Bitcoin (BTC), the leading cryptocurrency, which had risen above $82,000 in recent weeks, experienced a pullback in recent days, with the price falling to $77,000.
While uncertainty persists regarding the BTC price in the short term, one analyst predicts new BTC purchases at $76,000 and considers $66,000 a healthy correction floor.
Crypto analyst Murphy, using Glassnode’s UTXO Realized Price Dispersion (URPD) data, identified a healthy correction range for Bitcoin between $66,000 and $78,000.
According to the data, the highest Bitcoin transaction volume among wallets was observed between $66,000 and $78,000. According to the analyst, this indicates strong interest from buyers at these price levels.
In contrast, the analyst noted that while the price remained within this range for about a week, trading volume between $80,000 and $82,000 was relatively low. This discrepancy suggests the market may be seeking a more solid foundation at lower levels than the current ones.
In addition, the analyst noted that despite the recent price drop, trading volume increased at the $78,000 level.
Furthermore, the amount of BTC held increased from approximately 200,000 BTC to 380,000 BTC at an average purchase price of around $76,000. This indicates that additional buying pressure emerged despite the price falling below the cost floor.
Considering all this data together, the analyst stated that he expects Bitcoin’s current correction range to be between $66,000 and $78,000, and that predicting the exact bottom is still difficult.
The Medium-Term Direction of Bitcoin Will Soon Be Clear!
On the other hand, another analyst stated that Bitcoin’s medium-term direction will soon become clear and that the next resistance level is $81,000.
Speaking to Coindesk, FxPro analyst Alex Kuptsikevich said that although Bitcoin has recovered by surpassing $77,000, the market remains cautious about a full-blown trend reversal.
According to the analyst, BTC found support near its 50-day simple moving average (SMA) at the $76,000 level, and its medium-term direction will be determined in the coming days.
The analyst also identified the next resistance level for BTC around $81,000, near the 200-day moving average.
*This is not investment advice.
