Bitcoin's key support level is $64,500, and currently, the bears are not strong enough to push Bitcoin quickly below $60,000#Gate广场发帖领五万美金红包 #

On March 1st, crypto analyst Murphy stated, "Using < 10y_RP as the 'historical average turnover cost' for Bitcoin is more effective in gauging market sentiment. When the price approaches < 10y_RP (around $64,500), it often nears the market's psychological limit. Between 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 current biggest 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 institutions and market makers, the bearish forces are not yet sufficient to drive BTC quickly below the $60,000 mark.

The above assessment still needs 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.