Analyst Murphy said Bitcoin’s seller-exhaustion index formed a cycle second-low when BTC pulled back to $77,000, while stressing the analysis is not investment advice.
How the signal is defined
The indicator combines low volatility and high losses; Murphy said both conditions must be present for a signal. He said an Aug. 11 reading preceded the last market rally and that extreme exhaustion historically appears around cycle bottoms.
Second-low interpretation
Murphy said the recent reading was the cycle’s second-low point, higher only than the August level. He described that second point as potentially more certain than the absolute low, while warning that its price can also be higher. This is an analyst’s interpretation of the indicator, not an independently verified market forecast.
Source: BlockBeats English report, published Nov. 2, 2026. Chinese source.