BlockBeats news, on May 27, analyst Murphy noted that after being entangled for nearly 20 days, BTC’s Short-Term Holder Realized Price (STH-RP) and the TMMP indicator have now formally formed a “death cross,” with the red line crossing below the green line. Historically, once a death cross forms, BTC’s price is often suppressed by the STH-RP red line for an extended period, making it difficult to break through—and potentially leading to a new low. Currently, the STH-RP red line is almost flat, indicating that market short-term activity has dropped to a standstill, with holders on both sides of this average cost level unwilling to trade. This aligns with earlier assessments of a sharp decline in trading enthusiasm.
However, significantly different from previous cycles, the current STH-RP cross has a slope nearly flat. A steeper slope indicates stronger panic selling pressure from high-cost holders, making it harder for price to break through resistance; in contrast, the nearly flat trend suggests weak selling pressure, implying that the overhead resistance may not be as difficult to overcome as in historical cases. Nevertheless, the STH-RP remains the key boundary for assessing market sentiment—when price trades below it, the short-term bias is bearish, and the future direction still needs time to confirm.