Analysis: Bitcoin's key support level is $64,500, and currently, the bearish momentum is not strong enough to push Bitcoin below $60,000

BlockBeats News, March 1st, Cryptocurrency analyst Murphy stated, "Using the <10y_RP as Bitcoin's 'Historical Average Cost' is more effective in assessing market sentiment. When the price approaches <10y_RP (around $64,500), it often nears the market's psychological limit. During February 23-24 and February 27-28, BTC repeatedly dropped below this level and then rose back above it, showing strong bullish resistance at this sensitive price level, unlike the rapid decline seen when approaching STH-RP."

The current market's greatest uncertainty still stems from the US-Iran geopolitical conflict. As key events unfold, it will be necessary to monitor the scope of the conflict, its duration, and its impact on oil prices. However, at least over the weekend with limited participation from institutions and market makers, the bearish momentum is not yet sufficient to drive BTC below the $60,000 mark rapidly.

The above assessment still awaits further validation after the US stock market opens next week. If the trend confirms, the previous analysis logic regarding 'how far this rebound can go' and the key resistance levels will still hold true."