Analysis: Follow the historical fair price line of $99,000, which has previously fallen below during bull-bear transitions and could not regain.

BlockBeats news, on November 27, on-chain data analyst Murphy released an analysis stating that after a strong cleanup of panic selling, BTC has welcomed a rebound. The market is focusing on the historical fair price line of $99,000, which is the average premium of BTC relative to the average buying price throughout its history. In the previous two cycles, during the transition phase of bull and bear markets, BTC rebounded multiple times after breaking below the fair price line but could not effectively hold above it, ultimately entering a deep bear phase. The current selling pressure comes from two aspects: firstly, the short-term high-positioned holders are cutting losses and exiting under pressure, which exacerbates the market's panic sentiment. A significant amount of panic selling was observed on the 21st. Secondly, the selling of long-term profit-taking holders, even though BTC has retraced more than 30% from its highs, many long-term holders still hold a large amount of unrealized gains.