BTC’s Descent into Madness: A Wilde Market Masquerade 🦄📉

Markets

What to know:

Bitcoin’s price, once a sprightly dance partner, now stumbles below a key support level, signaling potential further declines unless it recovers quickly – a feat as likely as a camel winning a beauty contest. 🐫
CryptoQuant, that sage of the blockchain, has declared the market “bearish” – a term one might use to describe a rainy day in London. Meanwhile, Glassnode insists we’re merely in a mid-cycle correction, a phrase as vague as a politician’s promise. 🎩
Gold, that old-fashioned safe haven, rose as investors fled equities like a burning theater, despite U.S. jobs data so strong it could lift a car – if only markets weren’t so dramatic. 🤡

Good Morning, Asia. Here’s what’s making news in the markets:

Bitcoin, that most fickle of paramours, hovered around $101,000 as the Hong Kong trading day began, while CryptoQuant, that Cassandra of crypto, warned the market has turned “extremely bearish.” How novel. 🐆

In its latest report, CryptoQuant noted Bitcoin’s descent below the 365-day moving average – a key support level, now as reliable as a sieve. The firm’s Bull Score Index, that barometer of optimism, has plummeted to zero. Last time this happened? Oh, just before a bear market. How quaintly cyclical. 🔄

CryptoQuant further opined that BTC’s next target is $72,000, should it fail to recover above $100,000. One might say it’s playing a game of crypto Jenga, minus the fun. 🧱

They also identified $91,000 as a structural support level, “based on Metcalfe’s network valuation model” – a phrase as thrilling as a tax audit. “Failure to reclaim the 365-day moving average quickly could trigger a much larger correction,” they warned. How thrilling, if one enjoys financial heartburn. 🤢

This comes after weeks of weakening fundamentals, including falling inflows and network activity that’s flatter than a pancake at a tea party. CryptoQuant analysts compared it to late 2021 – a period so dull it could put a cat to sleep. 😴

Still, not all is doom. Glassnode, that optimist in a pinstripe suit, insists the market remains “cautious, oversold, but not yet deeply capitulated.” Because nothing says “not capitulated” like 71% of supply in profit. Truly, a masterclass in semantics. 📜

Market Movement

BTC: Bitcoin, that rollercoaster of emotions, dipped to $100,420 before inching back to $101,000. A weeklong decline has cost it nearly 7% – a loss one might describe as “modest” if one were British. 🏰

ETH: Ether, that less glamorous cousin, fell to $3,285 before rebounding to $3,310. Down 2% on the day, because 13% weekly losses are too much for one headline. 🛑

Gold: Gold, that old-world relic, rebounded toward $4,000 as investors sought safety like a child hiding from thunder. Even strong U.S. jobs data couldn’t dampen its shine – though it did manage to outshine a few egos. ✨

Nikkei 225: Asia-Pacific markets opened lower, following Wall Street’s tech-led sell-off. AI stocks like Nvidia, Microsoft, and Palantir slumped, while investors awaited China’s trade data – a spectacle as gripping as a soap opera. 📺

2025-11-07 05:16

What to know:

Good Morning, Asia. Here’s what’s making news in the markets:

Market Movement

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