An important analysis regarding the critical support level of Bitcoin has emerged in the cryptocurrency market. Crypto analyst Murphy stated that the $64,500 level is a key support point for Bitcoin but added that the current selling pressure is not strong enough to quickly push the price below $60,000.

In his analysis, Murphy stated that Bitcoin is based on what he calls the "historical average cost," which is the average purchase price for long-term investors. According to the analyst, when the price approaches this average cost, which is approximately $64,500, a critical threshold is reached from a market psychology perspective.