The cryptocurrency market experienced a correction after Bitcoin failed to break through the $100K resistance, dropping to $92.5K. The correction was caused by overheated leverage, with open interest and leverage ratios hitting yearly peaks. A 10-20% correction is considered a natural phenomenon.

However, on-chain analysis suggests bullish potential. Metrics such as MVRV, NUPL, and Puell Multiple indicate that Bitcoin is still in an uptrend. It is important to identify periods of large accumulation during corrections, with the ‘Short-Term SOPR’ metric as a tool.

On November 21, the short-term SOPR rose to 1,096, indicating some short-term investors are taking profits. History shows that short-term selling often triggers a rebound, making this a potential buying opportunity.