Bitcoin failed to clear the $100K resistance and corrected to $92.5K due to overheated leverage. Open interest and leverage have reached annual highs, so a 10-20% correction is natural.

From an on-chain analysis perspective, metrics such as MVRV, NUPL, and Puell Multiple indicate that Bitcoin is still in a bull market with upside potential. It is important to identify accumulation periods during corrections, particularly using the 'Short-Term SOPR' metric.

On November 21, the 'Short-Term SOPR' rose to 1.096, indicating that some short-term investors booked profits. Historically, selling Bitcoin at a loss by short-term investors often results in a rebound. This could be a good buying opportunity.