Strong Holder Base Fueled Bitcoin's $11K Rally

Crypto analyst Murphy attributes Bitcoin's recent rally to its strong holder base. The rally from $64,000 to $75,000 was underpinned by a robust structure of holders who acquired their coins at similar cost bases.

Murphy highlighted that over 2 million BTC were accumulated in the $62,000-$64,000 range, creating a strong support base. This concentration of holdings means that investors are less likely to sell at a loss, reducing downward pressure on the price.

The analyst noted that during the three-day surge, holdings around $63,000 barely moved, indicating that long-term holders remained steadfast despite rapid price appreciation.