The appearance of this signal means that starting from April 2, 2026, BTC has officially entered the second half of the bear market! At least from the perspective of on-chain data, we are almost 100% certain about this. Because this kind of situation is rarely seen. In the chart, the yellow line and orange line represent the on-chain average turnover cost of BTC held for 1-2 years and 1-3 months, respectively. They’ve just crossed. If you want to analyze the logic behind this signal, you first need to understand why the orange line drops when the price falls, and why the yellow line rises. I previously wrote a tweet explaining in detail the principle of why STH-RP doesn’t follow price changes. It’s fundamentally different from the 120d-ema in candlestick indicators. If you’re interested, feel free to scroll back and check it out. I won’t repeat it here. In short, all you need to know is that this is a highly valuable and reliable signal. #BTC #Crypto #OnChainAnalysis