Over the past week, Bitcoin briefly slipped below $100K, extending the broader downtrend that has persisted since early October. This move pushed the market into a mild bearish regime, with prices now trading beneath the short-term holder cost basis. In this edition, we analyze the forces driving the rebound toward $106K using on-chain cost-basis models and accumulation–distribution dynamics. We then pivot to off-chain indicators, exploring ETFs, futures markets and options market sentiment to assess whether this recovery reflects genuine demand or a short-lived relief rally. Since early October, with Bitcoin ... (full story)