Cryptocurrency analyst Murphy (@Murphychen888) presented a reasonable (healthy) correction range for Bitcoin (BTC) between approximately $66,000 and $78,000, based on Glassnode's UTXO Realized Price Distribution (URPD) data. He stated via X, "According to on-chain data as of May 15, the most significant change of hands occurred at $66,000 and $78,000. In contrast, there was less trading activity between $80,000 and $82,000, even though the price stayed there for about a week. Subsequently, even as the price dropped on May 19, the volume in the $78,000 range increased, and the volume near the average purchase price of $76,000 surged from approximately 200,000 BTC to 380,000 BTC. Despite the price falling below the acquisition cost, additional buying interest flowed in. If a change of hands volume accumulates again in this range, a stronger support level than before will be formed," he predicted.
