Đường chi phí của người nắm giữ BTC ngắn hạn tạo thành hình chữ thập chết, hoạt động giao dịch sụt giảm mạnh

The Huoxing Finance report states that 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 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 may even reach 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, consistent with earlier assessments of a sharp decline in trading enthusiasm. However, significantly different from past cycles, the slope of this STH-RP cross-under is nearly zero. A steeper slope indicates stronger panic selling from high-cost holders, making price breakthroughs more difficult; the current nearly flat trajectory suggests weak selling pressure, meaning the resistance above may not be as insurmountable as in historical cases. Nevertheless, STH-RP remains the dividing line for judging market sentiment—when price trades below it, the short-term bias is bearish, and the future direction still needs time to confirm.