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Analysis: The short-term holder cost basis for BTC has formed a death cross, and market trading enthusiasm has sharply declined.

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Crypto Mars News: On May 27, analyst Murphy pointed out that after nearly 20 days of entanglement, the short-term holder realized price (STH-RP) of BTC and the TMMP indicator have officially formed a "death cross," meaning the red line has crossed below the green line. Historically, once a death cross forms, BTC prices tend to be suppressed by the STH-RP red line for an extended period and struggle to break through, potentially even hitting new lows. Currently, the STH-RP red line is almost a straight line, indicating that market short-term activity has dropped to a freezing point, with chips at both ends of this average cost line unwilling to participate in turnover, consistent with previous judgments about a sharp decline in trading enthusiasm. However, unlike previous cycles, the slope of the STH-RP crossing downward this time is nearly zero. The steeper the slope, the stronger the panic selling of high-position chips, making it harder for prices to break through resistance; whereas the nearly flat trend now suggests that selling pressure is not strong, and upward resistance may not be as difficult to surpass as in historical cases. Nevertheless, STH-RP remains a dividing line for sentiment bullishness or bearishness; if the price operates below it, it indicates a short-term bearish bias, and the subsequent direction still needs to be validated over time.
BTC-1.61%
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FragmentedSilverStarMap
· 10h ago
Short-term activity has decreased, but selling pressure isn't strong—who understands this conflicting feeling?
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APuppyInTheWarmSun
· 20h ago
The price is pressed down towards the lower side, but the selling pressure is not strong; this bullish and bearish battle is interesting to watch.
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AirdropCheatSheet
· 20h ago
When the death cross appears, the bears rejoice, but this time the slope is flat, and the selling pressure isn't as fierce as expected.
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GateUser-7cb48814
· 20h ago
The analyst's words are tactful; in other words: the direction is unclear, so don't take any action yet.
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GateUser-46c777d0
· 20h ago
Short-term trends are the hardest to predict; which technical indicator should I trust when they give conflicting signals?
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DustyAirdropper
· 20h ago
STH-RP is lying flat, indicating that no one is in a hurry to sell, nor is anyone boldly buying, resulting in a deadlock.
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GateUser-35b998a0
· 20h ago
In the past, death crosses always led to a decline, but this time the selling pressure is weak, so there might really be a chance to push higher.
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0xLateDinner
· 20h ago
The term "emotional boundary" is quite accurate; once the price breaks the line, market sentiment collapses.
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MountainBeforeTheStorm
· 20h ago
STH-RP is hitting that emotional line—if the price is below, you just have to tough it out, wait for the verification.
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