Bitcoin is experiencing significant selling pressure as its capitulation metric reaches the highest level of the current cycle, according to on-chain data. This development comes as Bitcoin opened December by hitting resistance and subsequently declining. The current market conditions are reminiscent of past market reversals, as noted by trader Rand. Additionally, a liquidity-based model suggests Bitcoin's fair value is approximately $165,000, significantly higher than its current trading price of $90,000. Trader Michaël van de Poppe highlighted this valuation gap, while trader Jelle observed that Bitcoin was rejected at its first major resistance zone, leading to a price drop after reaching a monthly high at the start of December.