Bitcoin is currently trading around $64,500, a level identified by on-chain analyst Murphy as the "historical average cost basis," which serves as a key indicator of market sentiment. Recent price movements saw Bitcoin dip below this level between February 23-24 and February 27-28, only to rebound, suggesting strong bullish resistance. The geopolitical tensions between the U.S. and Iran have been factored into the market, with future focus likely on the conflict's impact on oil prices. Despite weekend trading showing limited institutional and market maker activity, short-selling pressure was insufficient to drive Bitcoin below $60,000. The $64,500 level is expected to be tested again following the U.S. market opening today, as traders assess the ongoing geopolitical developments and their potential effects on the cryptocurrency market.