ChainCatcher message, Glassnode published analysis, the current Bitcoin price is still in the enthusiastic bull market phase. After quickly falling back after entering the euphoria zone, the real market average is $50,000, representing the average cost basis for each active investor. If the macro bull market is expected to continue, this level remains a key price level that the market needs to stay above. The unrealized profits of Bitcoin indicate that the market may be overheated, with the current value at $92,000. The breakeven level for short-term holders is $64,000, and the current spot price is below this level but is attempting to recover. It is worth noting that only 7% of trading days recorded spot prices below -1 standard deviation, making it a relatively rare situation.