On-chain analyst Murphy has identified Bitcoin's Short-Term Holder Cost Basis (STH-RP) at $108,800 as a critical "bull-bear dividing line." This metric reflects the average turnover cost for short-term BTC holdings. A drop below this level could shift short-term investors from unrealized profits to losses, potentially triggering a shift in market sentiment from anxiety to panic. Historical trends suggest that such a breach could lead to prolonged market recovery periods with significant price volatility. Currently, Bitcoin's support range is between $112,000 and $108,000. A break below this range could result in a further 10%-15% decline, contingent on macroeconomic conditions. Analysts advise investors to prepare trading strategies in advance and remain adaptable to market changes. Despite potential volatility, the macroeconomic environment remains loose, and Bitcoin's structural health shows no immediate bearish signals.