Unchained Bits + Bips: Why Bitcoin Will Keep Going Down - Ep. 956
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Nov 22, 2025 Markus Thielen, CEO of 10x Research and crypto markets analyst, dives deep into the current state of Bitcoin and the broader crypto landscape. He explores bearish trends, revealing why recent selloffs differ from past dips. Markus highlights crucial support levels and key metrics institutions watch closely. He shares insights on Ethereum's performance and challenges, as well as the impact of ETF flows on digital asset treasuries. With a cautious stance, he discusses tactical signals that might indicate potential rebounds in this uncertain market.
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Temporary Rebound, End-Of-Year Overhang
- Markus sees the recent Bitcoin rebound as temporary and driven by short-term factors like RSI and sentiment.
- He expects selling pressure to resume due to year-end institutional book cleanups and macro headwinds.
Bear Market Defined By On‑Chain Signals
- Markus defines a crypto bear market using on-chain metrics like MVRV and the 21-week moving average rather than a flat 20% drop.
- When Bitcoin falls below the short-term realized price, underwater holders trigger stop-outs that deepen declines.
Thin Price Bands Create A Void Of Support
- Breaking the 50-week moving average and trading through previously thin price ranges creates a structural lack of support.
- Key support zones Markus watches are around $84k and then $73k where short-term holders sit underwater.