BlockBeats reported on Sept. 12 that analyst Murphy said Bitcoin’s struggle to clear $82,000 may be visible in its chip, or holder, structure.
According to Murphy, short-term holder (STH) supply is distributed between $59,000 and $81,000, shown in red in Figure 1. If Bitcoin moves above $82,000, all STH positions would be in profit. He said some short-term speculative capital could then choose to take profits, creating a first layer of selling pressure.
Murphy added that long-term holder (LTH) supply is spread across the full horizontal price range, but the most concentrated supply peak sits right at $81,000 to $82,000, shown in blue in Figure 1. He said not all of that LTH supply necessarily belongs to conviction holders. Some may come from investors who bought earlier, became trapped, and passively turned into long-term holders. As price approaches breakeven, part of that group may decide to exit, forming a second layer of selling pressure.
He also said the area is a concentration zone for super whales. Murphy wrote that whale groups holding more than 100,000 BTC have two concentration points near $40,000, while the rest are mainly clustered between $78,000 and $82,000.
Based on that distribution, Murphy said Bitcoin does face resistance in the short term if it wants to break through $82,000. In his view, the market needs time to absorb disagreement and supply. Once momentum rebuilds and a breakout is completed, resistance ahead would thin out sharply.