From the perspective of on chain data, discuss insights into short-term market trends BTC is continuously testing the support role of STH-RP. Before the breakthrough, STH-RP&TMMP were double resistance, but now they have turned into double support. When the price approaches the cost base, the selling pressure decreases, indicating that the current market sentiment is still relatively stable. We know that the market will always choose to develop towards a direction with less resistance. If the STH-RP continues to support, which means there is resistance downwards, then continue to rise until the next resistance zone. Even if it falls below support, it doesn't necessarily mean it's heading towards breaking new lows. In the latter half of a bear market, it is common for prices to hover around STH-RP. Even if we don't consider the current chip intensive zone between 6.6w-70000 (the bottom buying range for large funds), to fall to a new low, we need to first break below<10y_RP - a support level that has been repeatedly tested under extreme market panic in February and March this year. Each bear market cycle has different psychological limits for investors, and previously it may have been realized prices, LTH-RP, and so on; But in this cycle, at least for now, it appears to be<10y_RP (Figure 2). However, in the short term, BTC is highly likely to enter a period of adjustment. The blue line (US region) in RMMPC is significantly lower than the red line (Asia region), while the Binance USDC/USDT exchange rate is greater than 1; The Coinbase premium index is negative (Figure 3/Figure 4); In a previous tweet, it was mentioned that if all three of the "three core indicators of US dollar purchasing power observation" are met, then BTC is highly likely to "not rise"; At least it won't be as strong as before, or there's a possibility of a sideways decline. In short, I still insist on the view that a callback is an opportunity rather than a risk, given that multiple high-level data have provided prompts.