According to ChainCatcher, crypto analyst Murphy stated, "Using 10y_RP as the historical average turnover cost of Bitcoin is more effective in judging market sentiment. When the price approaches 10y_RP (approximately $64,500), it often approaches the market's psychological limit. BTC has repeatedly fallen below this level and then rebounded, indicating strong resistance from bulls at this sensitive price level, unlike the rapid decline that occurred when it approached STH-RP previously."
The biggest uncertainty in the market currently stems from the geopolitical conflict between the US and Iran. As key events unfold, the scope and duration of the conflict, as well as its impact on oil prices, will need to be monitored. However, at least with the lack of significant institutional and market-making participation over the weekend, the bearish momentum is not yet sufficient to push BTC below the $60,000 mark quickly. This assessment still needs further verification after the US stock market opens next week. If the trend confirms this, the previous analysis regarding "how far this rebound can go" and the key resistance levels will remain valid.
