{"id":53541,"date":"2025-11-07T09:39:47","date_gmt":"2025-11-07T02:39:47","guid":{"rendered":"https:\/\/hbbgroup.net\/btc-market-now-extremely-bearish-says-qcp-asia-morning-briefing\/"},"modified":"2025-11-07T09:39:47","modified_gmt":"2025-11-07T02:39:47","slug":"btc-market-now-extremely-bearish-says-qcp-asia-morning-briefing","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/btc-market-now-extremely-bearish-says-qcp-asia-morning-briefing\/","title":{"rendered":"BTC Market Now ‘Extremely Bearish,’ Says QCP: Asia Morning Briefing"},"content":{"rendered":"
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BTC Market Now ‘Extremely Bearish,’ Says QCP: Asia Morning Briefing<\/h2>\n

On-chain metrics shows BTC entering an \u201cextremely bearish\u201d phase, with potential downside to $91K or even $72K if key support fails, though Glassnode sees it as a mid-cycle correction rather than full capitulation. <\/h2>\n

Nov 7, 2025, 2:02\u202fa.m. <\/span><\/p>\n<\/div>\n

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Good Morning, Asia. Here’s what’s making news in the markets:<\/strong><\/h2>\n

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.<\/a><\/em><\/p>\n

Bitcoin hovered around $101,000 as the Friday trading day began in Hong Kong, as on-chain analytics firm CryptoQuant warned that market conditions have turned \u201cextremely bearish.\u201d<\/p>\n

In its latest weekly report, CryptoQuant said Bitcoin\u2019s drop under the 365-day moving average of $102,000 marked the loss of a key technical and psychological support that previously defined the bottom of this bull cycle. The firm\u2019s Bull Score Index \u2014 a composite measure of market strength \u2014 has fallen to zero for the first time since June 2022, a signal last seen before the previous bear market.<\/p>\n

CryptoQuant added that traders\u2019 on-chain realized price bands now point to potential downside targets near $72,000 if BTC fails to recover above $100,000 soon.<\/p>\n

It also identified the $91,000 region, based on Metcalfe\u2019s network valuation model, as the next structural support level. \u201cFailure to reclaim the 365-day moving average quickly could trigger a much larger correction,\u201d the firm said.<\/p>\n

The report follows weeks of weakening fundamentals, including falling inflows, reduced network activity, and a flattening of key on-chain valuation metrics. CryptoQuant analysts said the setup now resembles late 2021, when a similar break below the long-term average confirmed the start of a prolonged drawdown.<\/p>\n

Still, this view is not universal.<\/p>\n

In a report from earlier this week titled \u201cDefending $100K,\u201d Glassnode wrote<\/a> that the market remains \u201ccautious, oversold, but not yet deeply capitulated,\u201d with 71% of supply still in profit and unrealized losses contained to just 3.1% of market cap.<\/p>\n

While long-term holders are selling and ETF outflows continue, Glassnode says the current phase is a mid-cycle correction rather than the start of a bear market.<\/p>\n

Market Movement<\/strong><\/h2>\n

BTC: <\/strong>Bitcoin slipped as low as $100,420 overnight before recovering slightly to trade around $101,000 in Asia hours, extending a weeklong decline that\u2019s wiped nearly 7% from its value.<\/p>\n

ETH: <\/strong>Ether fell to an intraday low of $3,285 before edging back to $3,310 in early Asia trading, down about 2% on the day and roughly 13% over the past week.<\/p>\n

Gold: <\/strong>Gold rebounded toward the $4,000 level on Wednesday, rising as much as 1.5% to $3,989.53 an ounce as investors sought safety amid a global equities sell-off, even as strong U.S. jobs data tempered expectations for further Fed rate cuts.<\/p>\n

Nikkei 225: <\/strong>Asia-Pacific markets opened lower Friday, tracking Wall Street\u2019s tech-led sell-off as AI stocks like Nvidia, Microsoft, and Palantir slumped, while investors awaited China\u2019s trade data expected to show weaker exports and imports.<\/p>\n

Elsewhere in Crypto:<\/strong><\/h2>\n