Analysis: The on-chain data indicates that the BTC bottom is taking shape, with $66,000 being the key support level for smart money entry.

BlockBeats News, May 8th, Analyst Murphy stated that while the market is generally focused on the $60,000 price low, a chip structure analysis reveals that Bitcoin's true bottom foundation may lie in the dense turnover area around $66,000. Data shows that this location has accumulated approximately 440,000 BTC, with 240,000 BTC turnover occurring between February and April.

Currently, the chip distribution in the $65,000 to $78,000 range has reached 13.8%. Although still below the level of 18.7% before the FTX flash crash in October 2022, considering that in this cycle, traditional funds such as ETFs and MicroStrategy have locked up around 13% of circulating chips at a relatively high level, the current ratio provides a foundation for building a bottom structure.

If the market can see a double retracement and further turnover in this range, the bottom foundation will be more solid, possessing a stronger "resilience to downward pressure." The true bottom should not be based on the lowest price ($60,000) but should be judged based on the turnover area where large funds entered the market ($66,000). The turnover in the $78,000 to $82,000 range is still insufficient, and the market's divergence still needs to be digested.