Market Overview - Bitcoin is trading around $101,000, with on-chain analytics firm CryptoQuant indicating that market conditions have turned "extremely bearish" [1] - The drop below the 365-day moving average of $102,000 signifies the loss of a key support level, with CryptoQuant's Bull Score Index falling to zero for the first time since June 2022, a precursor to the previous bear market [1][2] Price Targets and Support Levels - Traders' on-chain realized price bands suggest potential downside targets near $72,000 if Bitcoin does not recover above $100,000 soon [2] - The $91,000 region is identified as the next structural support level based on Metcalfe's network valuation model, with a warning that failure to reclaim the 365-day moving average could lead to a larger correction [2] Market Fundamentals - Recent weeks have shown weakening fundamentals, including falling inflows, reduced network activity, and flattening on-chain valuation metrics, resembling the conditions seen in late 2021 before a prolonged drawdown [3] - In contrast, Glassnode's report states that the market remains "cautious, oversold, but not yet deeply capitulated," with 71% of supply still in profit and unrealized losses at just 3.1% of market cap [4] Recent Market Movements - Bitcoin experienced a decline of nearly 7% over the past week, trading as low as $100,420 before slightly recovering [5] - Ether fell to an intraday low of $3,285, down about 2% on the day and approximately 13% over the past week [5] Gold Market Reaction - Gold rebounded towards the $4,000 level, rising as much as 1.5% to $3,989.53 an ounce, as investors sought safety amid a global equities sell-off [6]