Analysis: The bearish momentum is not enough to quickly push BTC past 60K and see 50K. The $64,500 support will be reaffirmed after the US stock market opens.

GateUser-6433627c · 2026-03-02T08:21:17+00:00

On-chain analyst Murphy pointed out that when Bitcoin's price approaches the historical average turnover cost of $64,500, market sentiment reaches its limit. Recently, Bitcoin has repeatedly fallen below this cost line and rebounded, indicating strong resistance from the bulls. The market is focused on the US-Iran conflict and its impact on oil prices, while the short-seller forces are insufficient to push BTC rapidly below $50,000.

GateUser-6433627c

2026-03-02 08:21:17

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On March 2nd, on-chain analyst Murphy stated that the “historical average turnover cost” of BTC is very effective in judging market sentiment. When the price approaches around $64,500, the historical average turnover cost, it reaches the market’s psychological limit. Recently, Bitcoin’s price has repeatedly fallen below this cost line on February 23-24 and February 27-28, then rebounded again. The bulls show very strong resistance at this sensitive level. Concerns over the US-Iran geopolitical conflict have now been resolved, and the focus will shift to the scope and duration of the conflict, as well as its impact on oil prices. This weekend, it was observed that without significant participation from institutions and market makers, the bears lack the strength to quickly push BTC below $65,000. The support level of the historical average turnover cost of $64,500 will be reaffirmed after the US stock market opens today.

BTC5,64%

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