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 show that once a 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. The current STH-RP red line has almost formed a straight line, indicating that the short-term market activity has dropped to near-freezing levels. Chips at both ends of this average cost line are unwilling to participate in trading, aligning with previous observations of a sharp drop in trading enthusiasm.

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