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Analysis: The bearish strength is insufficient to quickly push BTC "below 6 to see 5," and the $64,500 support will be reconfirmed after the U.S. stock market opens
On-chain analyst Murphy stated that BTC's "historical average cost basis" is very effective for assessing sentiment. When the price approaches the historical average cost basis of around $64,500, it reaches the psychological limit that the market can bear. Recently, after multiple dips below this cost line, the Bitcoin price has once again risen above it, with bulls showing a very strong willingness to resist at this sensitive position.
Currently, concerns about the US-Iran geopolitical conflict have materialized, and the focus will shift to the scope of the conflict, its duration, and its impact on oil prices. This weekend, it has been observed that, without significant participation from institutions and market makers, the bearish forces are insufficient to drive BTC quickly "below 6 to see 5." The support at the historical average cost basis of $64,500 will be reconfirmed after the opening of the US stock market today.
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