Bitcoin tumbled below $101,000 in early Asian trading Friday, capping a brutal 20% slide from its October peak of $126,186 and officially entering bear market territory. Traders are dumping risk assets amid a perfect storm of technical breakdowns and macro headwinds.
On-chain sleuths at CryptoQuant flashed red alerts after BTC breached its 365-day moving average near $102,000—a support line that held firm through the entire 2024-25 bull run.
The firm’s proprietary Bull Score Index cratered to zero for the first time since the 2022 crypto winter, with realized-price clusters now pointing to $91,000 or even $72,000 if sellers keep the pressure on.“Extremely bearish,” QCP Capital wrote in its morning note, citing a cascade of lower highs inside a descending channel on the daily chart.
The Ichimoku Cloud has flipped red, the MACD is printing fresh sell signals, and RSI is flirting with oversold territory at 36—classic signs the relief rally is running on fumes.Broader altcoins bled in sympathy: Ethereum shed 1.3% to $3,351, Solana dipped 2%, and the CoinDesk 20 index posted its worst weekly loss since August.
In a glimmer of corporate optimism, retail broker Robinhood revealed it is “actively weighing” a Bitcoin treasury strategy—potentially joining MicroStrategy and Tesla in treating BTC as a balance-sheet reserve asset.Treasurer Shiv Verma told analysts on Wednesday’s Q3 earnings call: “We have this debate constantly… we’re still thinking about it.
There’s pros and cons, and it’s one we’re gonna keep actively looking at.”The disclosure came as Robinhood posted record numbers: crypto revenue exploded 339% year-over-year to $268 million, accounting for a fifth of total income.
Overall transaction revenue doubled to $1.27 billion, powered by meme-coin frenzies and the launch of tokenized stocks in Europe.HOOD shares jumped 4% in after-hours trading, pushing year-to-date gains past 280% and cementing Robinhood’s status as the best-performing fintech stock of 2025.
What’s Next?
Bear case: A weekly close under $98,900 opens the trapdoor to $91K, then $72K.
Bull case: Reclaim the cloud at $105,500 with rising spot volume to invalidate the breakdown.
Macro wildcard: Today’s U.S. jobs report—delayed by the ongoing government shutdown—could dictate whether the Fed stays on pause or resumes cuts.
For now, the crypto Fear & Greed Index sits at a fearful 24, and $1.27 billion in longs were liquidated this week alone. Strap in; November just got volatile.
Naorem Mohen is the Editor of Signpost News. Explore his views and opinion on X: @laimacha.
Naorem Mohen
View More PostsNaorem Mohen is the Editor of Signpost News. Explore his views and opinion on X: @laimacha.
