Analysis: Short Interest Not Enough to Propel BTC Below $60K, $64,500 Support to Be Reaffirmed Post US Market Open

BlockBeats News, March 2nd. On-chain analyst Murphy stated that BTC's "Historical Average Cost of Turnover" is highly effective in assessing sentiment. When the price approaches around $64,500, which is the historical average cost of turnover, it reaches the market's psychological limit. Recently, after breaking below this cost line multiple times on February 23-24 and February 27-28, the Bitcoin price once again recovered above it. Bulls have shown strong resistance at this sensitive level.

Currently, concerns about the US-Iran geopolitical conflict have materialized. The focus will now shift to the scope of the conflict, its duration, and its impact on oil prices. Over the weekend, it was observed that without significant involvement from institutions and market makers, the bearish momentum was not strong enough to drive BTC quickly below $60,000. The supportive nature of the historical average cost of turnover at $64,500 will be reaffirmed after the US stock market opens today.