PANews reported on August 26th that on-chain analyst Murphy stated that the Short-Term Holder Cost Basis (STH-RP, currently at $108,800) is a sentimental "bull-bear dividing line," reflecting the average turnover cost of short-term holdings. If the BTC price falls below this line, short-term investors will shift from unrealized profits to unrealized losses, potentially causing market sentiment to shift from anxiety to panic and derailing the previous upward trend.

Historical data shows that after a breakout, the market recovery period is long, with prices potentially experiencing wide fluctuations or rapid declines, depending on market sentiment and macroeconomic events. The current support range is between $112,000 and $108,000. If broken, there is theoretically still 10%-15% room for decline, but this needs to be judged in light of the actual macroeconomic environment. Analysts recommend that investors develop trading plans in advance and respond flexibly to market fluctuations. They also emphasize that the current macroeconomic cycle is still in a loose phase, the BTC chip structure is healthy, and there are no obvious signs of a bearish turn.