The post ‘Extremely Bearish:’ Is $91K New Bitcoin Price Target? appeared on BitcoinEthereumNews.com. Good Morning, Asia. Here’s what’s making news in the markets: 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. 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 “extremely bearish.” In its latest weekly report, CryptoQuant said Bitcoin’s 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’s Bull Score Index — a composite measure of market strength — has fallen to zero for the first time since June 2022, a signal last seen before the previous bear market. CryptoQuant added that traders’ on-chain realized price bands now point to potential downside targets near $72,000 if BTC fails to recover above $100,000 soon. It also identified the $91,000 region, based on Metcalfe’s network valuation model, as the next structural support level. “Failure to reclaim the 365-day moving average quickly could trigger a much larger correction,” the firm said. 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. Still, this view is not universal. In a report from earlier this week titled “Defending $100K,” Glassnode wrote that the market remains “cautious, oversold, but not yet deeply capitulated,” with 71% of supply still in profit and unrealized losses contained to just 3.1% of market cap. While long-term holders are selling and ETF outflows continue, Glassnode says the… The post ‘Extremely Bearish:’ Is $91K New Bitcoin Price Target? appeared on BitcoinEthereumNews.com. Good Morning, Asia. Here’s what’s making news in the markets: 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. 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 “extremely bearish.” In its latest weekly report, CryptoQuant said Bitcoin’s 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’s Bull Score Index — a composite measure of market strength — has fallen to zero for the first time since June 2022, a signal last seen before the previous bear market. CryptoQuant added that traders’ on-chain realized price bands now point to potential downside targets near $72,000 if BTC fails to recover above $100,000 soon. It also identified the $91,000 region, based on Metcalfe’s network valuation model, as the next structural support level. “Failure to reclaim the 365-day moving average quickly could trigger a much larger correction,” the firm said. 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. Still, this view is not universal. In a report from earlier this week titled “Defending $100K,” Glassnode wrote that the market remains “cautious, oversold, but not yet deeply capitulated,” with 71% of supply still in profit and unrealized losses contained to just 3.1% of market cap. While long-term holders are selling and ETF outflows continue, Glassnode says the…