Analyst Murphy's Bitcoin Cost Base Distribution (CBD) heat map highlights significant trading volume areas for BTC price. These critical zones are identified as the $94,000–$98,000 range and the $101,000–$118,000 range.
These identified price levels align with historical market data. The $98,000 mark represents the historical “fair price” for Bitcoin, while the $104,000 level indicates the average cost basis for short-term investors. According to the analyst, these specific price points are considered crucial reference areas during market shifts between bull and bear market cycles.
Significant BTC Accumulation and Whale Activity
The CBD data further reveals a substantial accumulation of Bitcoin within the $84,000-$85,000 range. Between November 21st and 23rd, a total of 950,000 BTC was acquired in this price bracket. Of this total, 550,000 BTC were associated with Coinbase wallet merges. The remaining 400,000 BTC are believed to be genuine buy-sell transactions, potentially linked to movements by large investors, often referred to as whales.
The Cost Base Distribution (CBD) methodology offers a distinct advantage in market analysis by employing address-based calculations to track and understand coin distribution patterns.
Current Bitcoin Market Status
As of the latest data, Bitcoin is currently trading at $91,326. In the past 24 hours, BTC has experienced a slight decrease of 0.13%. However, over the last week, it has seen a notable increase of 10.85%. Bitcoin's total market capitalization currently stands at $1.82 trillion.