BTC falls below short-term holder cost basis, bearish trend likely

Bitcoin's price decline yesterday has weakened some indicators, suggesting a bearish trend may dominate in the short term, according to an analysis by cryptocurrency analyst Murphy (@Murphychen888). He noted that the BTC Short-Term Holder Realized Price (STHRP) and the Total Market Mean Price (TMMP) have formed a dead cross. Murphy added that selling pressure in this downturn is not as significant as in the past because the STHRP is falling gradually. Typically, a sharp decline intensifies stop-loss pressure from those who bought at the peak, leading to prolonged price resistance. He explained that the STHRP appears to be the dividing line between bull and bear markets. With the current price below this level, a bearish trend is likely to prevail for the time being.