Because recent buyers are roughly at breakeven there. Glassnode's November 4 weekly report puts the short-term holder cost basis, the average price paid by coins that last moved less than 155 days ago, at $75,700, and bitcoin was around $75,900 on Saturday morning, November 7, per CoinGecko data cited by CryptoTicker. That cohort is now mostly underwater: about 38% of its coins are in profit, down from 97.5% or more at the start of October. Glassnode's True Market Mean sits higher at $77,700, and CryptoTicker treats a daily close above it as the sign of stabilization, with a close under $73,000 pointing to a longer pause. Nearby markers cluster tightly: the 200-day moving average near $73,200, a 50-week average the author calculates at about $75,770, and a Glassnode liquidation band from $73,000 to $76,000, with a larger block at $60,000 to $63,000 from the August breakout. Options open interest leans toward calls, about $18 billion against $13 billion of puts, and max pain at $80,000 for the November 27 expiry. The Crypto Fear and Greed Index read 25 on Saturday. The September high of $86,597 shows how far the range has slipped.