Analysis: The $60,000 to $70,000 range for Bitcoin is considered a deep bear price range, with 50% of chips in unrealized losses.

On November 20th, the on-chain data analyst Murphy stated that Bitcoin's PSR (Profit Supply Ratio), which is used to observe market optimism and fear, has seen its 7-day moving average drop below 70%. Historically, during past market cycles when shifting from bull to bear, the initial decline often reaches this level, followed by a rebound after extreme emotional pressure. Whenever the PSR falls below 50%, it heralds a long-term deep bear market, while also presenting the highest value for investment, marking the most worthwhile price range for buying. The current BTC price is holding at $92,000. According to UPPD data, 6.7 million BTC are currently in unrealized losses, accounting for 33% of the total circulation. Assuming that holders of coins bought at a lower price are no longer selling, when the price drops to $59,000, around 9.744 million BTC would be locked in at a loss. At this point, the PSR would be around 50%. Since the PSR is continuously changing, a static numerical evaluation only represents a rough range. Based on experience, if BTC falls into the $60,000 to $70,000 range, the PSR is likely to drop below 50%, indicating the entry into a deep bear market phase.