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Analysis: The bearish momentum is not strong enough to make BTC quickly "break 6 and see 5"; the $64,500 support will be reconfirmed after the US stock market opens

2026.03.02 16:21:48

March 2nd — On-chain analyst Murphy notes Bitcoin’s (BTC) historical average cost of ownership (≈$64,500) is a reliable gauge of market sentiment. This level acts as a psychological threshold: the price recently tested it multiple times (Feb 23-24, Feb 27-28) — dipping below before bouncing back, showing strong bullish defense at this key support. US-Iran geopolitical tensions have now materialized, with focus shifting to the conflict’s scope, duration, and impact on oil prices. Over the weekend, limited institutional and market maker participation meant bearish momentum lacked the strength to push BTC below $60k quickly. The $64,500 historical cost level’s support is set to be reaffirmed when US stock markets open later today.
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