Bitcoin’s Short-Term Holder Metrics Reveal Market Sentiment

On-chain analyst Murphy has identified short-term holder realized price (STH-RP) as a key indicator of market sentiment for Bitcoin. This metric acts as a threshold between bullish and bearish phases. A rapid price rebound after reaching the STH-RP suggests that new investors are not only refraining from selling near their cost price but also attracting more buying interest, indicating confidence in future market trends.