Bitcoin Trading Patterns Show Unique 'U-Shaped' Structure

Crypto KOL Murphy posted on X that recent data from URPD indicates a significant shift in Bitcoin trading patterns. Over the past week, 1.71 million BTC changed hands in the $63,000 to $68,000 range, up from 1.53 million BTC, suggesting that bulls have acquired 180,000 BTC in this period. This activity contrasts with the accumulation of 1.89 million BTC in the $87,000 to $92,000 range, creating a unique 'U-shaped' structure with a gap in the $71,000 to $80,000 range. This gap indicates that during the last price surge in October 2024, Bitcoin quickly surpassed this range without significant trading, and similarly, it dropped rapidly during the recent decline. The $63,000 to $68,000 range is becoming increasingly robust, indicating that some investors see value in Bitcoin at these prices, potentially providing support. As long-term holders reduce their selling, there is potential to challenge the aforementioned gap again. Below $63,000, the only significant accumulation is at $16,000, where 391,000 BTC remain untouched since the last bear market bottom. It is unlikely that Bitcoin will return to $16,000 in this cycle. If the $63,000 to $68,000 range is breached, predicting the next support level is challenging. It will depend on where bulls establish a new defense, potentially forming a 'W-shaped' structure with the current accumulation zone, which would be a remarkable phenomenon.