BTC Approaches Key Support Level, Breakdown Could Signal Deep Downtrend

Market Watch: BTC's Critical Support Level Under Pressure

Recently, BTC has been trading around the $65,000 mark, which aligns closely with the 10y_RP indicator. This metric, which filters out the cost basis of lost or dormant BTC, is seen by many as a more accurate representation of the "realized average cost" of Bitcoin.

The Significance Behind the Numbers

This level isn't just a random price point — it represents both a psychological and cost-based defense line for bulls. If BTC closes below this support level with strong volume, it could signal a continuation of the bear market with potentially deeper declines ahead.

Expert Insights

• Murphy, a crypto analyst, notes that BTC remains in a consolidation phase, with market direction still unclear in the short term.
• A breakdown below key support could trigger a wave of selling pressure as investor confidence wavers.
• Traders and investors are advised to closely monitor this critical level to gauge the next major market move.

In summary, the market is at a pivotal juncture where near-term price action could have long-lasting implications for the crypto landscape.