BlockBeats News, on March 2nd, on-chain analyst Murphy stated that the “historical average turnover cost” of BTC is very effective in gauging 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 level on February 23-24 and February 27-28, then rebounded again. The bulls show very strong resistance at this sensitive level.
Currently, concerns over the US-Iran geopolitical conflict have been confirmed, and the focus will shift to the scope of the conflict, its duration, and its impact on crude oil prices. This weekend, it was observed that without significant participation from institutions and market makers, the bearish forces are insufficient to quickly push BTC below $60,000. The support level of the historical average turnover cost of $64,500 will be reaffirmed after the US stock market opens today.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Strive Buys 179 Bitcoin as Holdings Reach 13,311 BTC
Strive Inc. has expanded its Bitcoin treasury to 13,311 BTC, surpassing Tesla's holdings and positioning itself among the largest corporate Bitcoin holders. The company also raised its SATA preferred dividend to 12.75% and invested $50 million in Strategy STRC shares.
CryptoFrontNews15m ago
STRC Could Help Strategy Hit 1M Bitcoin Milestone Before BlackRock
Bitcoin (CRYPTO: BTC) watchers could be nearing a pivotal moment as non-traditional treasury strategies accelerate a long-running BTC accumulation drive. Michael Saylor’s Strategy (EXCHANGE: MSTR) has been converting equity sales into Bitcoin through its ATM program, steadily expanding its crypto st
CryptoBreaking30m ago
Santiment: The surge in active USDT addresses on a certain public blockchain is correlated with the rebound of BTC
Research firm Santiment found that over the past year, when USDT active addresses on a certain public blockchain surged three times, BTC price rebounded each time, indicating that USDT liquidity has a significant impact on BTC price.
GateNews57m ago
