Analysis: Bitcoin in the $60,000 to $70,000 range is a deep bear price zone, with 50% of the chips being in unrealized losses.

On November 20, on-chain data analyst Murphy stated that Bitcoin's PSIP (Profit Supply Percentage) is used to observe market optimism and panic levels, with the 7-day average falling below 70%. Historical experience indicates that the first decline in past cycles from bull to bear typically reaches this position, followed by a rebound after extreme emotional pressure. Whenever the PSIP falls below 50%, it marks a deep bear moment in a major cycle, and it is also the price range that offers the best value for buying. Currently, the BTC price is maintained at $92,000, and UPPD data shows that 6.7 million BTC are in an unrealized losses state, accounting for 33% of the total circulation. Assuming that low-level chips are no longer sold, when the price drops to $59,000, 9.744 million BTC will become tied up chips, at which point the PSIP will be around 50%. Because the PSIP is continuously dynamic, static value assessments only represent a rough range. Based on experience, if BTC enters the range of $60,000 to $70,000, the PSIP will likely drop below 50%, entering the deep bear phase.