Viewpoint: BTC Faces Second Test of $75,400 Short-Term Holder Cost this Cycle, Further Retracement Likely

BlockBeats News, April 16th, on-chain analyst Murphy stated that the 1-3 month Short-Term Holder Cost (1-3m_RP) is around $75,400, in line with the current price. In this round of downward trend, BTC has bounced back near this resistance level for the second time. The last rebound near this level occurred between January 13th and January 19th, with a slight breakthrough leading to selling pressure and a continued pullback. Based on past data, the analyst believes that another pullback is highly likely, as in the past 3 cycles, there has never been a successful reversal after only the second attempt to challenge the resistance level.

Additionally, there is another potential scenario where BTC breaks through and encounters a larger resistance level above, known as the Short-Term Holder Average Cost Line (STH-RP). Currently, around $81,000, there are 2.31 million BTC, if BTC faces resistance at this level after an upward move, the market would need time to absorb the selling pressure and cautiously choose its direction.