Odaily News Glassnode published an analysis that the current Bitcoin price is still in the enthusiastic bull market stage. After entering the frenzy range, it quickly fell back. The real market average is $50,000, representing 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 stay above. Bitcoin's unrealized profits indicate that the market may be overheated. The current value is $92,000. The break-even level for the short-term holder group is $64,000. The current spot price is below this level, but it is trying to recover. It is worth noting that only 7% of trading days record spot prices below the -1 standard deviation band, making it a relatively rare situation.