PANews reported on November 17th that Singapore-based crypto investment firm QCP Capital analyzed that Bitcoin continued its decline last week, plummeting 27% from its all-time high, almost wiping out its gains this year. It also broke below its 50-week moving average and closed below $100,000 for the first time since May 4th, making the entire digital asset market more cautious. Discussions about the near end of a four-year cycle further exacerbated bearish sentiment. Currently, Bitcoin's price is hovering above the key support level of $92,000, a level that served as a strong bottom in the fourth quarter of last year and the first quarter of this year. Given the unfilled gap on the CME, a short-term technical rebound is possible, but selling pressure above could limit its strength. Furthermore, rising macroeconomic uncertainty and slow recovery of liquidity in the crypto market mean the market situation remains fragile.

With Washington resuming normal operations and a backlog of economic data set to be released, the stock market has turned defensive, with the September jobs report drawing close attention and market volatility expected. The crypto options market is also showing caution, with Bitcoin's short-term implied volatility high and biased towards a bearish outlook. The current crypto bull market cycle is precarious; a short-term rebound is possible, but the downside remains the path of least resistance.