[Analyst Murphy: BTC Faces Strong Resistance in the $92,000 Range]
Analyst Murphy stated that it is not difficult for BTC to return to $90,000, as this level does not represent a strong pressure point. The average cost of short-term holders indicates that BTC may encounter significant selling pressure when entering the $92,000 to $99,000 range. Options market data shows that Call activity at the $92,000 strike price is significantly higher than at $90,000, and the sell Call volume at $92,000 far exceeds that at $90,000, forming strong market resistance. Murphy pointed out that the area above $92,000 is critical for BTC's movement, especially near the $98,000 level, which represents BTC's "fair price" line over the past decade. Recently, the market's purchasing power has been affected by massive realized losses, making it necessary to monitor market sentiment and the performance of key resistance zones.