BTC encountered resistance on the green line, indicating that it is still following a rebound logic (see citation for details). So the next step is to retrace the cost base below and seek support and confirmation again. As time goes by, we see that the three cost baselines have gradually "closed"; The average cost representing different coin holding groups is getting closer and closer. As the main lines are mutually bonded, the impact of prices on short, medium, and long-term chips tends to converge, which is often a critical period for market entry direction selection. In the previous cycle, for the first time, a "closing" was formed, and BTC chose to continue downward (marked as 1 in the figure), indicating that different coin holding groups lacked confidence in the future. When the price approached cost, they ran first as a sign of respect. The second "closing" process was longer, and the panic market had already run out. After the main lines were glued together, BTC chose to break through upwards and complete the trend reversal. There are also 2 cycles in this round, and we are currently in the process of gradually gathering for the second time. The price is lower than the red line and higher than the yellow line. If there is a continued pullback or sideways consolidation, it will drive the green and red lines closer to the yellow line, thus completing the 'closing'. So we can see which direction the market is choosing to go.