Matrixport: Hidden Short-term Market Variables Beneath Surface Panic

According to the latest weekly report from Matrix on Target on November 21, (#2025-161), Bitcoin has currently entered an extreme fear zone, with market sentiment dropping to a level rarely seen in nearly a decade.

Main points

Surface phenomena and deep signals: Although the current panic sentiment can easily lead to the illusion of “panic bottom and risk clearance”, data analysis shows that there are still important signals hidden in the market that traders have not noticed.

Technical indicator divergence: Multiple indicators that issued warnings before the decline in October have now moved to the opposite extreme, but this does not mean that the risk has been eliminated, as some key indicators have shown significant divergence from the price.

Macroeconomic factors persist: The macro pressures that triggered this round of sell-off have yet to ease, and the coming weeks will be a critical period to determine whether Bitcoin stabilizes or enters a deeper phase of correction.