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In the cryptocurrency market, a significant analysis has been published on how Bitcoin’s critical support level is being supported by its critics. But the $64,500 level is a key support point for Bitcoin, according to Crypto analyst Murphy, who said that “the current selling pressure is not enough to push it down below $60,000 very quickly.”
In his analysis, Murphy said that Bitcoin is based on what he calls the “historical average cost level” (the price of buying power for long-term investors) was an important factor in bitcoin’s acquisition. Market psychology When the price approaches this average cost level, about $64,500, a critical threshold is reached, analyst said.
In fact, Bitcoin plunged short below this level on February 23-24 and 27-28 but quickly recovered from such a state. In Murphy’s view, this was interpreted as “bulls protecting themselves in the sensitive support zone.” Similarly, the sharp declines seen earlier when short-term investors approached their cost basis did not occur at the same rate this time, analyst said.
The market’s most ambiguity is the geopolitical tension of US and Iran, Murphy said. He said ‘The scope, duration and especially the effect on oil prices of this process have to be closely monitored.
Nevertheless, the limited participation of institutional investors and market makers over the weekend suggests that selling pressure has not yet increased enough. A short break below $60,000 is hard for Bitcoin now, as this makes a rapid decline under that phraser difficult.
The analyst stated that the final direction will become clearer when US stock markets open.
*This is not investment advice.
Thanks for reading Bitcoin Rebounded But Expert Analyst Revealed the Level That Will Determine BTC’s Fate If It Moves Down Again
