BlockBeats News, on March 2nd, on-chain analyst Murphy stated that the “historical average turnover cost” of BTC is very effective in gauging market sentiment. When the price approaches around $64,500, the historical average turnover cost, it reaches the market’s psychological limit. Recently, Bitcoin’s price has repeatedly fallen below this level on February 23-24 and February 27-28, then rebounded again. The bulls show very strong resistance at this sensitive level.
Currently, concerns over the US-Iran geopolitical conflict have been confirmed, and the focus will shift to the scope of the conflict, its duration, and its impact on crude oil prices. This weekend, it was observed that without significant participation from institutions and market makers, the bearish forces are insufficient to quickly push BTC below $60,000. The support level of the historical average turnover cost of $64,500 will be reaffirmed after the US stock market opens today.
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