Analysis: The key support level for Bitcoin is $64,500, and currently the bears are not strong enough to push Bitcoin quickly below $60,000.
ChainCatcher reports that crypto analyst Murphy stated, "Using 10y_RP as the historical average turnover cost of Bitcoin is a more effective way to gauge market sentiment. When the price approaches 10y_RP (around $64,500), it often nears the psychological limit of the market. BTC has repeatedly fallen below this level and then climbed back above it, showing that bulls have a strong willingness to defend this sensitive price point, which is different from the rapid declines seen when approaching STH-RP in the past."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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