Українська
Русский
English
Bitcoin Rebounds, but Analyst Identifies the Key Level That Could Determine BTC’s Fate
An important analysis has emerged regarding a critical support level for Bitcoin. Crypto analyst Murphy stated that the $64,500 level represents a key support zone, adding that current selling pressure is not strong enough to quickly push the price below $60,000.
In his analysis, Murphy explained that Bitcoin is anchored to what he calls the “historical average cost level” — the average purchase price of long-term holders. When the market price approaches this level (around $64,500), it becomes a psychologically critical threshold for investors.
On February 23–24 and 27–28, Bitcoin briefly dipped below this level but quickly recovered. Murphy interpreted this as “strong bullish defense in a sensitive support zone.” He also noted that previous sharp sell-offs — typically triggered when short-term holders approached their break-even levels — have not occurred with the same intensity this time.
According to Murphy, the greatest uncertainty in the market stems from geopolitical tensions between the U.S. and Iran. He emphasized that the scale, duration, and especially the impact on oil prices should be closely monitored.
However, selling pressure has not significantly intensified due to limited participation from institutional investors and market makers over the weekend. This currently makes a rapid break below the $60,000 level less likely.
The analyst concluded that the market’s definitive direction will become clearer after U.S. stock markets reopen.
