On May 6th, analyst Murphychen (Murphychen888) stated on social media that the Net Profit and Loss (NRPL) indicator has once again risen above zero, indicating that the overall profitability of the market is recovering, and new funds entering are taking over the profit-taking from earlier stages. At the same time, Bitcoin's price has broken through the dual resistance levels of STH-RP and TMMP.

Compared to historical cycles, the early stage of this bear market is similar to the previous high, but it skipped the classic "Stage 2" (price new lows but losses not expanded, panic selling cleared), directly transitioning from Stage 1 to Stage 3 (NRPL back above zero).

The current market phase should be defined as "gradually emerging from a deep bear, entering a bull-bear transition period." Even if short-term extreme events similar to March 12, 2020, occur, they are unlikely to fundamentally change the overall trend. From a long-term perspective, 2026 will become an unprecedented bear cycle. #Gate广场五月交易分享