**[Analysis: BTC Rebound Fails to Break "Phase Bull-Bear" Boundary, Some Investors Shift to Trend-End View]** BlockBeats News, October 22, on-chain analyst Murphy stated that the realized price of BTC short-term holders (STH-RP) is regarded as the dividing line between "phase bull-bear" or the standard for judging market sentiment. When the price quickly rebounds after touching the STH-RP, it indicates that new investors, near their cost price, not only refrain from selling but also attract more buying interest. This reflects the market's confidence in future trends. The emotional changes within a trend are typically divided into the following three phases: **Phase 1:** After BTC slightly breaks below the STH-RP, it rebounds significantly. At this point, investors are confident in the trend, believing that the short-term pullback is an opportunity. **Phase 2:** After BTC significantly breaks below the STH-RP, it rebounds slightly. At this point, investor confidence weakens, but some still believe the trend has not ended. **Phase 3:** BTC rebounds but fails to break through the STH-RP. At this point, investors develop consistent doubts about the trend. Once the rebound returns to the cost line, they tend to exit to avoid risk. From September 26 to 28, BTC pulled back to around $109,000 (slightly breaking below the STH-RP) and then strongly rebounded to $125,000 (significant rebound), corresponding to Phase 1. On October 17, the STH-RP price was $113,000. At that time, BTC pulled back to around $104,000, which was considered a significant break below. Last night, BTC surged to touch the STH-RP but stopped and fell back. Analysts believe the market is currently in Phase 2 or between Phase 2 and Phase 3.