Bitcoin is beginning to repair a major price gap in the $72,000 to $80,000 range, according to on-chain analyst Murphy. He previously described this area as “cursed” because prices moved through it too quickly, leaving too little position rotation and creating a structural break in Bitcoin’s distribution profile.
Recent trading activity shows that the gap has narrowed to roughly $78,000 to $80,000. A notable sign of renewed participation came on April 17 and 18, when about 200,000 BTC changed hands between $76,000 and $77,000. That level of turnover suggests the market is becoming more comfortable transacting in this range, helping restore confidence after previous instability.
Why the gap matters
In on-chain market structure analysis, a price gap often reflects a zone where trading was too thin to establish stable positioning. When Bitcoin later returns to such a range and sees stronger exchange of coins, it can help repair the underlying distribution and reduce the risk of sharp structural weakness. Murphy’s reading is that this new activity in the upper range points to improving market confidence.
At the same time, the accumulation band between $63,000 and $68,000 has remained intact despite recent volatility. That resilience is significant because it suggests buyers have continued to defend the area even as Bitcoin tested higher and lower levels. With the upper gap now being filled, the lower band looks increasingly likely to function as a meaningful support zone.
Bottom-building case strengthens
Taken together, the repair of the upper gap and the stability of the lower accumulation range improve the odds that Bitcoin is forming a bottom structure. If confidence continues to recover, the $63,000 to $68,000 region could serve as the foundation for that process.
Still, this assessment is based on on-chain positioning and transaction behavior rather than a guarantee of future price direction. For now, the data points to a healthier market structure, with stronger turnover in key ranges offering a constructive signal for Bitcoin’s near-term outlook.