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Analyst: Bitcoin has a significant on-chain support at $78,000, with a strong resistance at $82,000 and a key hurdle at $87,000 once $82,000 is breached.

1 hours ago

May 5 Crypto analyst Murphy tweeted that BTC is filling an on-chain gap dating back to Nov 2024. The recent on-chain cluster sits around $78k, with ~423,000 BTC traded—signaling big institutional investors are stepping in to support. Notably, on-chain activity has plummeted between $79k and $80k, likely because this zone is near key psychological levels and resistance, leading some investors to sit on the sidelines. An unfilled on-chain gap remains between $81k and $82k; prices are expected to consolidate here until on-chain transactions fully turnover, then target higher levels. Murphy emphasized the $83k-$84k on-chain cluster stems mostly from Coinbase custody wallet moves and isn’t a major resistance. If BTC holds above $82k, the real upper resistance will be the on-chain cluster north of $87k.
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