Analyst Sees Bitcoin Support at $78,000, Resistance Above $87,000
Bitcoin price swings are often influenced by onchain cost bases and areas of concentrated trading. Crypto analyst Murphy said the recent price action was filling a previously formed gap in coin distribution. About 423,000 BTC changed hands near $78,000, concentrating many holders’ cost bases around that level and potentially making it a key support zone.
Murphy’s latest analysis said that if Bitcoin holds $78,000 and then establishes a firm footing above $82,000, it would confirm buying support at lower levels. There may also be little near-term selling pressure from holders trapped at higher prices, with the next meaningful resistance zone expected to emerge only above $87,000. The report did not provide the publication date of the analysis.
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The history behind this eventBitcoin Flashes Overbought Signal as Analysts Flag $78,000 as Key Support
Bitcoin has rebounded about 36% from a macro low of $60,000 as technical momentum has rapidly strengthened. A reading of 70 marks the overbought threshold on the daily relative strength index, or RSI. Each of the four similar signals over the past year was followed by a short-term pullback, making Bitcoin’s ability to hold $78,000 critical to determining whether the rally continues or gives way to a correction.
Bitcoin rose to $82,800 on May 6, 2026, while its daily RSI climbed to 70 from a March low of 39. Cointelegraph reported on May 8 that the 200-day exponential moving average, at about $83,000, was acting as resistance. CoinGlass data showed that a break below $78,000 could liquidate more than $3.1 billion in leveraged long positions across the market and send Bitcoin down toward $75,000–$76,000.
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