Glassnode posted an analysis, the current bitcoin price is still in the enthusiastic bull market stage, and soon fell back after entering the frenzy range. The real market average is $50,000, which represents the average cost basis of each active investor. If the macro bull market is expected to continue, this level is still the key price level that the market needs to maintain above it. Bitcoin's unrealized profit indicates that the market may be overheating. The current value is $92,000, and the short-term holder group has a break-even level of $64,000. The current spot price is below this level, but it is trying to recover. It is worth noting that only 7% of the trading days recorded the spot price below the -1 standard deviation band, making it a relatively rare situation.