Murphy Identifies Bitcoin Pullback Zone at $72,300 to $75,700

Bitcoin (BTC) met resistance one standard deviation above its short-term-holder realized price, and market analyst Murphy identified $72,300 to $75,700 as a possible pullback zone based on three declines in 2023.

Murphy placed STH-RP at about $75,700 and its lower one-standard-deviation band near $68,900. He reviewed three pullbacks from January through September 2023 that followed resistance one standard deviation above STH-RP. In one case, BTC returned to STH-RP; in another, it dipped slightly below the line; in the third, it landed between STH-RP and the lower band.

Based on those examples, Murphy identified $75,700, $72,300 or a level between them as possible pullback points. He described the analysis as a planning reference, not a forecast.

Murphy previously described a pullback to about $77,000 as the cycle’s second-lowest point, with only an August signal point lower. That assessment was tied to a seller-exhaustion indicator analysis. Because $72,300 is below $77,000, a move to the lower end of the new range would test that earlier assessment.