Bitcoin encountered resistance at the upper band of its short-term holder realized price, and analyst Murphy identified $72,300 to $75,700 as observation levels for a possible retracement, BlockBeats reported on Nov. 4.
Historical pattern
Murphy reviewed January-to-September 2023 and said BTC pulled back after reaching one standard deviation above the short-term holder realized price, or STH-RP. The three historical pullbacks retested STH-RP, briefly broke below it, or landed between STH-RP and one standard deviation below.
Murphy put current STH-RP at about $75,700 and one standard deviation below at about $68,900. Based on the cited pattern, he said a move to $75,700, a move to $72,300 or a point between them were all possible scenarios. He described the work as trading-plan preparation rather than a market prediction.
BlockBeats said a pullback to about $77,000 had formed the cycle’s second-lowest seller-exhaustion reading, above only the August signal point. The analysis is for reference only and is not direct investment advice.
Source: BlockBeats, published Nov. 4, 2026.