Analysis: BTC approaches the "historical average turnover cost" line; if it falls below, it may enter a deep bear phase.

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2026-02-23 10:21:22

BTC-3,27%

BlockBeats News, February 23 — Crypto analyst Murphy stated that BTC is currently fluctuating around $65,000, a position close to the range of the <10y_RP indicator. After excluding the impact of most lost BTC costs, this indicator is considered to be closer to the true level, known as the “historical average turnover cost.”

This range may serve as an important psychological and cost defense line for the bulls. If it is effectively broken downward, it could indicate that the current downtrend will continue to deepen into a bear market.

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BlockBeats News, February 23 — Crypto analyst Murphy stated that BTC is currently fluctuating around $65,000, a position close to the range where the <10y_RP indicator is located. This indicator, after excluding the impact of the majority of lost BTC costs, is considered to be closer to the true level known as the "historical average cost basis." This range may serve as an important psychological and cost defense line for the bulls. Once it is effectively broken below, it could mean that the current downward trend will continue to deepen into a bear market path with a high probability.

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