Analyst Murphy: BTC's return to the $90,000 resistance is relatively small, with the key pressure point at $92,000

Analyst Murphy pointed out that, based on current data observations, it is not difficult for BTC to return to $90,000, and $90,000 is not a strong resistance level.

The average cost of short-term holders indicates that BTC may only encounter significant selling pressure when entering the range of $92,000 to $99,000. At the same time, options market data shows that the call activity at the $92,000 strike price is significantly higher than at $90,000, especially the sell calls at $92,000 far exceed those at $90,000, which will lead to strong resistance in the market.

Murphy emphasized that the key battle for BTC above $92,000 is the core area determining the trend, especially close to the $98,000 position, which is the "fair price" line for BTC over the past decade.

However, the recent market has been hindered by a massive amount of realized losses, leading to a lack of effective buying power in the short term. The future trend of BTC still needs to pay attention to market sentiment and the performance of key resistance zones.