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On-chain analyst Murphy said on X that $83,000 is a key inflection point that could determine BTC’s next price direction.
According to a Glassnode chart Murphy shared, around 921,000 BTC had their last on-chain movement near the $83,000 level as of today. Murphy said when BTC fell below $83,000 on Oct. 8, the $79,000-$82,000 range had previously seen relatively light trading volume, so Murphy expected BTC to spend time in that band as trading activity increased. Murphy added that on-chain movement later picked up in that range, leading to a concentration of supply there. With BTC no longer falling further, Murphy said a renewed rise is possible, and a new trend will likely form depending on whether buying or selling pressure gains the upper hand at $83,000.
Murphy added that the supply clustered near $83,000 includes 550,000 BTC generated during a past Coinbase wallet reorganization, and Murphy estimated only 100,000 to 200,000 BTC of that amount remains.