Analysis: BTC Approaching 'Historical Average Cost' Line, Potential Breakdown May Lead to Extended Bear Market

BlockBeats News, February 23rd, Crypto analyst Murphy stated that BTC is currently oscillating around $65,000, a level close to the <10y_RP indicator range. This indicator, after excluding the cost impact of the majority of lost BTC, is considered a "historical average cost of turnover" that is closer to the actual level.

This range may be a key bullish psychological and cost defense line. Once effectively broken, it may signify that the current downward trend will continue further down the bearish path as a high-probability event.