Analyst: BTC buying accelerated near $70K, with supply in range nearly doubling

Cryptocurrency analyst Murphy (@Murphychen888) has diagnosed an acceleration in buying pressure over the past week, citing Bitcoin's UTXO Realized Price Distribution (URPD). He noted on X that the volume of BTC accumulated in the $72,000–$75,000 range nearly doubled from 364,000 BTC on May 21 to 709,000 BTC on May 28. This rapid accumulation occurred as the price entered this zone after several days of turnover. While acknowledging that this volume includes hedging from futures and options markets, Murphy stated it clearly shows some funds increased their entry speed as the price neared $70,000, in contrast to the caution observed when BTC rebounded to $80,000. He further predicted that the $66,000–$71,000 range would serve as a support zone in the event of a further decline. According to the analyst, the supply wall in this range thickens as the price falls and has shown insensitivity to price drops, shedding only 20,000 BTC during this week's correction. He suggested that this zone, which contains early accumulation volume, will likely offer stronger support than the $72,000–$75,000 range once new demand is added.