BTC held for < 3 months is considered relatively neutral among all STH (Short-Term Holders); not too active, but not too strong-handed either. Especially toward the end of a bear market, the participation of this type of holding decreases, causing the cost curve's slope to gradually flatten from its initial steepness. During a rebound, when the price approaches the cost level, it often triggers more selling pressure. As a result, this level becomes a key resistance point. Take the current situation, for example: this line is around $67,900. Since BTC's rebound on 6/20, it has been consistently suppressed below this level for nearly 2 months. Moreover, the current slope of the curve is almost flat (indicating fewer and fewer trades). Interestingly, similar scenarios occurred at the end of the 2018 and 2022 bear markets. From August to November 2018, BTC's price was suppressed by the < 3m-RP level for 3 months. The same thing happened from August to November 2022—another 3 months... Afterward, the 2018 BCH hash war and the 2022 FTX collapse caused prices to break through instantly, triggering massive volatility. Both events occurred at the tail end of a bear market. This shows that prolonged suppression by the < 3m-RP level is essentially a form of structural fragility. Any external force can break this fragile balance. Either up, or down. Right now, we’re in this state of 'risk accumulation without a spark,' just stuck in this endless grind...