On March 1st, crypto analyst Murphy stated, "Using < 10y_RP as the 'historical average turnover cost' for Bitcoin 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 broke below this level and then rebounded, indicating strong resistance from the bulls at this sensitive price point, unlike the rapid declines seen when approaching STH-RP previously.

The biggest current uncertainty in the market still stems from the US-Iran geopolitical conflict. As key events unfold, attention should be paid to the scope of the conflict, its duration, and its impact on crude oil prices. However, at least over the weekend, with limited participation from institutional investors and market makers, the bearish forces are not yet strong enough to push BTC quickly below the $60,000 mark.

These assessments still need further validation after the US stock market opens next week. If the trend confirms, then the previous analysis regarding 'how far this rebound can go' and the key resistance levels will still hold."