Murphy Sees Bitcoin Targeting $68K Range in Short-Term Rebound

Chinese crypto analyst Murphy has shared his expectations for Bitcoin's short-term price movement following its recent upswing. According to him, the current recovery in Bitcoin should be considered a 'weak rebound,' with a target range between $64,000 and $68,000.

The analyst pointed out that the average cost for current short-term investors is concentrated in this range, particularly among those holding BTC for less than a month and less than three months. He noted that the price needs to make repeated attempts to break through this region, which could lead to some weak investors selling as their unrealized losses turn into profit.

Murphy divided the expected recovery into three main levels: $64,000, $68,000, and $70,000. The latter corresponds to the realized price (STH-RP) of short-term investors, which is considered the bull-bear dividing line in terms of market sentiment.

The analyst expects a weak recovery in Bitcoin, with the price potentially rising to the $64,000-$68,000 range. However, he noted that a surprise surge above $70,000 could be considered a strong rebound. Options market data also supports these levels, indicating that volatility may be suppressed around $62,000 and significant resistance is expected at $66,000-$68,000.