On-chain analyst Murphy analysis

Short-term holders with a 1-3 month holding period have an average cost of approximately $75,400, near the current price
In this round of the downward trend, BTC has rebounded twice close to this resistance level
The last rebound near this level was between January 13 and January 19, where a slight breakout triggered selling pressure and continued to decline
Based on historical data, analysts believe there is a high probability of another retracement
Additionally, there is a possibility that BTC could break through and encounter a stronger resistance above, which is the short-term holders' average cost line
Currently, around 2.31 million BTC are held at approximately $81,000; if BTC encounters resistance here after an upward move, the market will need time to absorb selling pressure and cautiously choose a direction