Analysis: It is crucial that the BTC price finds support at the 65% cost basis.

According to Odaily Planet Daily, on-chain analyst Murphy stated that the CBD Quantiles chart, by dividing addresses according to their purchase costs, is used to observe the distribution structure and migration direction of market tokens. The purple line represents the 65th percentile cost base, meaning that 65% of BTC addresses hold their tokens at a cost lower than this value.

If the high quantile line moves rapidly downward while the low quantile line moves upward, it indicates that high-priced chips are being absorbed by low-priced funds, and chips are changing hands. The current support level of the BTC price at the purple line is extremely important, as it suggests that the majority of on-chain addresses (65%) are still in a profitable state.

In the previous cycle, the price of BTC entered a long-term downtrend after breaking below the purple line support.