Bitcoin Price Approaches Key Psychological Defense Line

Bitcoin's price movement has been closely monitored by analysts in recent times. According to Murphy, a crypto analyst, BTC is currently trading around $65,000, which is close to the 10-year RP indicator range.

The 10-year RP indicator takes into account the majority of lost Bitcoin and provides a 'historical average cost of turnover' that is closer to the actual level. This range may serve as a key psychological defense line for bullish investors, protecting them from further losses in case of a price downturn.

However, if this level is effectively broken, it could signify a continuation of the current downward trend on the bearish path. In such an event, a high-probability outcome would be an extended bear market.