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

November 27th. On-chain data analyst Murphy disclosed an analysis indicating that following a fierce panic sell-off, BTC witnessed a rebound. The market is focusing on the $99,000 historical fair price line, which represents the average premium of BTC in relation to its historical average buy-in price. During the transition phase between the previous two cycle bear-bull transformations, BTC rebounded several times after falling below the fair price line but failed to effectively regain it, ultimately entering a deep bear phase. The current selling pressure stems from two aspects. Firstly, the pressure from short-term trapped chips at high levels is forcing a capitulation exit, heightening the market's panic sentiment. A significant panic sell-off was observed on the 21st. Secondly, there is selling from long-term profit-taking chips. Even though BTC has retraced more than 30% from its high point, for most long-term holders, they still hold a considerable amount of unrealized gains.