BTC could see trend reversal if it breaks $70K, says analyst

Crypto analyst Murphy (@Murphychen888) posted on X that the Short-Term Holder Realized Price (STH-RP) around $70,000 is a key pivot point for Bitcoin, suggesting a break above this level could increase the chances of a trend reversal. The analyst set short-term rebound targets for BTC at $64,000, $68,000, and $70,000. He explained that the $64,000 to $68,000 range is where the average purchase price for short-term holders is concentrated. As a result, selling from investors who are at a loss could lead to a repeated pattern of breakouts, resistance, corrections, and re-attempts in this zone. Murphy added that the current rebound is likely to be a weak one, limited to the $64,000-$68,000 level. He believes only a move above $70,000 could be considered a strong rebound.