Matrixport: Market pessimism has reached a level rarely seen in nearly a decade, but the macro pressures that triggered this round of selling have not eased.

On November 21, Matrixport released a market analysis indicating that Bitcoin has entered an extreme fear zone, with market pessimism returning to levels rarely seen in the past decade. From an emotional standpoint alone, the current situation easily creates the illusion of “panic bottoming out and risk clearing.” However, beneath this surface, there are still many signals hidden in the data that traders have yet to notice. Several indicators that issued warnings before the fall in October have now moved to the opposite extreme, but this does not mean that the risks have been alleviated. Some key indicators are showing a significant divergence from the price, suggesting that a short-term market structure that is almost unnoticed is taking shape. Meanwhile, the macro pressures that triggered this round of dumping have not eased, and the coming weeks will determine whether Bitcoin stabilizes or enters a deeper phase of pullback.