Analysis: It is crucial that the BTC price finds support at the 65% cost basis.

On-chain analyst Murphy explained that the CBD Quantiles chart uses the purchase cost of addresses to observe the distribution structure and migration direction of market tokens. The purple line represents the cost base at the 65th percentile, meaning 65% of BTC addresses hold their tokens at a cost lower than this value. If the high percentile line moves rapidly downward while the low percentile line moves upward, it indicates that high-priced tokens are being absorbed by low-priced funds, and tokens are changing hands. The current support for the BTC price at the purple line is extremely important, indicating that the majority of on-chain addresses (65%) are still in a profitable state. In the previous cycle, the BTC price entered a long-term downtrend after breaking below the purple line support.