[Analysis: Focus on the historical fair price line of $99,000, previously unable to hold above after bull-to-bear transitions] BlockBeats News, November 27, on-chain data analyst Murphy released an analysis stating that after a strong panic sell-off, BTC has rebounded, with the market focusing on the historical fair price line of $99,000—representing the average premium of BTC relative to its all-time average purchase price. In the past two bull-to-bear transition cycles, BTC rebounded multiple times after breaking below the fair price line but was unable to effectively hold above it, eventually entering a deep bear phase. The current selling pressure comes from two sources: first, short-term trapped positions at high levels cutting losses under pressure, exacerbating the spread of market panic. A massive panic sell-off was observed on the 21st. Second, the selling of long-term profitable positions—even though BTC has already retraced more than 30% from its peak, most long-term holders still hold a significant amount of unrealized profit.