Analysis: BTC Short-Term Holder Cost Line Death Cross Formed, Chip Turnover Willingness Reduced Market Enthusiasm Plummeted

BlockBeats News, May 27th - Analyst Murphy pointed out that after nearly 20 days of entanglement, BTC's Short-Term Holder Realized Price (STH-RP) and TMMP indicator have substantially formed a "death cross" pattern, with the red line officially crossing below the green line. Historical patterns indicate that once the death cross is formed, the BTC price is often suppressed by the STH-RP red line for a prolonged period, making it difficult to break through, and may even hit a new low. Currently, the STH-RP red line has almost become a straight line, indicating that the short-term market activity has dropped to a freezing point. Chips at both ends of this average cost line are unwilling to participate in trading, aligning with the previous assessment of a sudden drop in trading enthusiasm.

However, significantly different from past cycles, this time the slope of the STH-RP crossing is almost zero. The steeper the slope, the stronger the willingness of high-end holders to panic sell, making it more difficult for the price to break through resistance. The current almost flat trend indicates that the selling pressure is not strong, and the overhead resistance may not be as difficult to overcome as in historical cases. Nevertheless, STH-RP still serves as the dividing line for judging market sentiment. Trading below it implies a short-term bearish bias, and the subsequent direction still needs to be validated by time.