Bitcoin could not break the resistance level of $100K, adjusting to $92.5K due to excessive leverage. Nevertheless, a 10-20% correction is natural.

From an on-chain perspective, indicators such as MVRV, NUPL, and Puell Multiple suggest that Bitcoin is still in a bull market. It is important to identify major accumulation phases during corrections, with the 'Short-Term SOPR' indicator being very useful.

'Short-Term SOPR' measures the profit/loss of short-term investors. On November 21, SOPR rose to 1.096, indicating that some short-term investors have taken profits. History shows that when short-term investors sell at a loss, it often leads to a recovery. During deep corrections, this could be a good buying opportunity. Use the CQ alert function to monitor this indicator.