Analysis: The key support level for Bitcoin is $64,500. Currently, the bears are not strong enough to push Bitcoin quickly below $60,000.

BlockBeats News, on March 1st, crypto analyst Murphy stated, "Using < 10y_RP as the ‘historical average trading 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. During February 23-24 and February 27-28, BTC repeatedly fell below this level and then rebounded, indicating strong resistance from bulls at this sensitive price point, unlike the quick drops 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 and duration of the conflict 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 strong enough to push BTC quickly below the $60,000 mark.

This assessment still needs further validation after the US stock market opens next week. If confirmed, the previous analysis regarding ‘how far this rebound can go’ and the key resistance levels will remain valid."