Bitcoin's $64,500 Historical Cost Basis to Face Retest After U.S. Market Open

On-chain analyst Murphy said on March 2 that Bitcoin's historical average cost basis near $64,500 marks the upper bound of traders' psychological tolerance and serves as a key gauge of market sentiment. BTC repeatedly fell below this level on February 23–24 and February 27–28 before rebounding, which Murphy interpreted as evidence of strong bullish resistance around this price zone. He added that concerns over the U.S.–Iran geopolitical conflict have largely been priced in, with focus shifting to the conflict's scope, duration, and influence on oil prices, and that weekend trading showed shortselling pressure was insufficient to drive BTC quickly down to the $60,000–$50,000 range without major institutional and market maker participation. Murphy said the $64,500 historical average cost basis will be tested again after U.S. equities open today.