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

Cryptanalysis expert Murphy stated that BTC is currently fluctuating around $65,000, a position close to the range of the 10y_RP indicator. This indicator, after excluding the impact of most lost BTC costs, is considered a more accurate reflection of the "historical average turnover cost." This range may serve as an important psychological and cost defense line for bulls. A significant drop below this level could indicate that the current downward trend is likely to continue on a deeper bearish path.