[Opinion: BTC Technical Supports Fail, Overall Losses Approach Bear Market Bottom] BlockBeats reported on November 13th that analyst Murphy stated the crypto market sentiment has returned to "extreme panic." On November 12th, both long-term and short-term holders who transferred their holdings to trading platforms saw record highs in realized losses, with the overall scale approaching the bear market bottom of June and July this year. The market has recently been hit by a confluence of extreme negative factors, including the Binance black swan event, concerns about AI infrastructure restrictions triggered by the Democratic Party's landslide victory, higher-than-expected CPI, Nvidia's stock price plummeting due to scandal, and MSTR's removal from the MSCI index. The severity of these events, except for the 2020 crash, has surpassed historical levels for this period. Murphy admitted that the impact of the collective panic and the underlying short-selling forces were underestimated. Driven by irrational behavior, all technical support levels have failed. Faced with the current situation, Murphy stated that his personal holdings are currently down $2260 for ETH and $136 for MSTRB, while his heavily invested BTC has seen a significant drop in unrealized profits. However, he has chosen to maintain his positions. He remains convinced that the nine months from February to November this year were not a "continuation pattern in the bear market," but rather a transitional period after the market bottomed out. Analysts believe that the next step will be to comprehensively assess sentiment based on data. Once signs of improvement and indicator convergence appear, they will only trade in one direction: buying on dips. Investors who still have faith in Bitcoin should stick with this strategy.