BTC Short-Term Holder Cost Line Forms Death Cross, Trading Activity Drops Sharply

Huo Xing Finance reports that on May 27, analyst Murphy noted that after being entangled for nearly 20 days, Bitcoin’s Short-Term Holder Realized Price (STH-RP) and the TMMP indicator have now substantially formed a “death cross,” with the red line officially 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 even reaching new lows. Currently, the STH-RP red line is nearly 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 slope of this STH-RP cross is nearly zero. A steeper slope indicates stronger panic selling from高位 holders, making price breakthroughs more difficult; the current near-flat trajectory suggests weak selling pressure, meaning the resistance above may not be as insurmountable as in historical cases. Nevertheless, STH-RP remains the key dividing line for gauging market sentiment—when price trades below it, the short-term bias is bearish. The future direction still awaits further confirmation over time.