Analyst sees fresh BTC buying at $76K, calls $66K a healthy correction floor

Cryptocurrency analyst Murphy (@Murphychen888) has identified a healthy correction range for Bitcoin (BTC) between approximately $66,000 and $78,000, based on Glassnode's UTXO Realized Price Distribution (URPD) data. In a post on X, the analyst noted that on-chain data from May 15 showed the most significant change of hands occurred at the $66,000 and $78,000 levels. In contrast, little trading took place between $80,000 and $82,000, despite the price remaining in that range for about a week. Murphy added that on May 19, even as the price fell, volume at the $78,000 level increased. Furthermore, the amount of BTC held at an average purchase price of around $76,000 grew from approximately 200,000 BTC to 380,000 BTC, indicating that additional buying pressure emerged despite the price dipping below this cost basis. The analyst predicted that if more volume accumulates in this range, it will form a stronger support level than before.