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© 2026 The Markets Unplugged · Data in. Conviction out. - Published with Ghost & Aspect

What $103K Bitcoin Still Isn’t Telling You

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    Bitcoin on-chain analysis, market cycles, and holder behaviour at The Markets Unplugged. Creator of Alt Sector Radar and Bitcoin Barometer. Maps on-chain signals to cycle phases.
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  • May 16, 2025
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  • 3 min read
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What $103K Bitcoin Still Isn’t Telling You
Photo by Florian Olivo / Unsplash
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This Is Not What Exhaustion Looks Like

I’ve seen cycle tops. This isn’t one of them.

Price hovering above $103K doesn’t mean much in isolation. What matters is the structure behind it — and it’s still clean. Realised Price is rising, MVRV is holding in the mid-zone, and UTXO movement is cooling, not accelerating. These are signals of a market compressing — not distributing.


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Doc Doc
Bitcoin on-chain analysis, market cycles, and holder behaviour at The Markets Unplugged. Creator of Alt Sector Radar and Bitcoin Barometer. Maps on-chain signals to cycle phases.
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The Markets Unplugged · Data in. Conviction out.
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