Glassnode analysis shows that the current Bitcoin price is still in the enthusiastic bull market phase, quickly falling back after entering the frenzy zone. 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 a key price level that the market needs to maintain above. The unrealized profit of Bitcoin indicates that the market may be overheated, with the current value being $92,000. The breakeven level of the short-term holder group 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 a spot price lower than the -1 standard deviation band, making it a relatively rare occurrence.