glassnode stated in an article that since mid-November, Bitcoin has fallen below the 0.75 quantile line, meaning that more than 25% of the supply is at an unrealized loss. This puts the market in a fragile balance: on one hand, there is the risk of stop-loss/surrender from high-level buyers, and on the other hand, the possibility of sellers being exhausted and forming a temporary bottom.

Around $93,000, Bitcoin's price remains highly sensitive to macro shocks before it can reclaim the 0.75 quantile line (approximately $95,800) and further recover the 0.85 quantile line (approximately $106,200).