Analysis: Focus on the $99,000 historical price equilibrium line, which has not been able to rise above after previous bull/bear conversions.

BlockBeats News, November 27th. On-chain data analyst Murphy published an analysis stating that after a strong panic sell-off, BTC saw a rebound, with the market focusing on the $99,000 historical fair price line, which is the average premium of BTC relative to the average buy-in price in history. In the previous two cycle bear-to-bull transition phases, BTC rebounded multiple times after breaking below the fair price line but failed to effectively reclaim it, eventually entering a deep bear phase.

The current selling pressure comes from two aspects: first, short-term high-level trapped chips are cutting losses under pressure, exacerbating the market's panic sentiment. A massive panic sell-off was observed on the 21st. Second is the selling of long-term profit-taking chips, even though BTC has retraced over 30% from its peak, for most long-term holders, they still hold a large amount of unrealized profit chips.