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Crypto analyst Murphy said Bitcoin’s recent sharp rally was supported by a strong holder structure. Murphy said more than 2 million BTC was heavily accumulated in the $62,000-$64,000 range, leaving investors with similar cost bases and limiting selling pressure even when prices fell. During BTC’s three-day surge from $64,000 to $75,000, holdings around $63,000 barely moved, while selling pressure in the $68,000-$74,000 range also remained limited. Murphy added that some holdings have since shifted to selling after the rally, which could lead to sideways trading or a pullback.