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🔥Analyst: BTC's second challenge to short-term holders' cost basis, increasing pullback risk
On-chain analyst Murphy pointed out that BTC short-term holder cost (1-3m_RP) is about $75,400, and the current price is approaching this resistance level. This is the second rebound during this downtrend. The last rebound occurred from January 13 to 19, which slightly broke through before triggering selling pressure and a pullback. Historical data shows that in the past three cycles, there has never been a successful reversal after only the second challenge of a resistance level, so a further pullback is likely. Additionally, if BTC breaks through this level, it may encounter resistance near the short-term holder average cost line (STH-RP) at about $81,000, where 2.31 million BTC are located. The market needs time to absorb selling pressure and choose a direction.
#btc