Analyst: Bitcoin has a significant on-chain support at $78,000, with a strong resistance at $82,000 and a key hurdle at $87,000 once $82,000 is breached.

BlockBeats News, May 5th. Crypto analyst Murphy posted that BTC is filling the gap left in the on-chain structure since November 2024. The recent on-chain concentration area is around $78,000, with approximately 423,000 BTC changing hands, indicating the presence of large institutional investors providing support.

It is noted that there is a significant decrease in on-chain activities between $79,000 and $80,000, possibly due to the proximity to key psychological levels and resistance, causing some investors to adopt a wait-and-see approach. There is still an unfilled on-chain gap between $81,000 and $82,000, and it is expected that the price will consolidate in this range, waiting for a complete turnover of the on-chain transactions before attempting to move towards higher price levels.

Murphy emphasized that the on-chain concentration between $83,000 and $84,000 is mainly due to Coinbase custody wallet movements and does not present significant resistance. If BTC can hold above $82,000, the actual resistance above will come from the on-chain concentration area above $87,000.