Bitcoin extended its decline on Friday, sliding beneath $95,000 and closing out its weakest week since March. The cryptocurrency spent the U.S. session pinned near the lows, cementing a nearly 9% weekly loss — its sharpest drop in eight months — and revisiting price levels last seen in May.
U.S. equities managed to edge higher into the close, but crypto markets broadly underperformed.
• Ethereum fell more than 11% this week, dipping under $3,200.
• Solana shed roughly 15% since Monday.
• XRP, however, slipped only 1%, showing relative strength following the debut of Canary Capital’s first U.S. spot XRP ETF.
Crypto Equities Show Uneven Action
Thursday’s heavy selloff spilled into Friday for several crypto-linked stocks.
– MicroStrategy (MSTR) slid another 4%, breaking below $200 for the first time since October 2024.
– Bullish (BLSH), BitMine (BMNR), CleanSpark (CLSK), MARA Holdings (MARA) and Hive Digital (HIVE) declined between 4% and 7%.
A few outperformers emerged:
– Miner Hut 8 gained 6% after earnings from American Bitcoin, its joint venture with the Trump family.
– Robinhood (HOOD) and Riot Platforms (RIOT) rose about 3%.
Shutdown Fallout Leaves Markets Directionless
Bitfinex analysts said the latest downturn stems primarily from a lack of clarity on U.S. macro conditions. The month-long government shutdown halted the release of critical inflation and jobs data from October 1 until Thursday, leaving both investors and the Federal Reserve without the usual economic signals.
“The market is operating in an information vacuum,” they said, warning that political uncertainty continues to undermine sentiment. The funding bill that reopened the government only runs through January 30, offering little lasting reassurance. “It postpones the uncertainty — it doesn’t resolve it,” the analysts noted.
Noelle Acheson, author of Crypto Is Macro Now, framed the pullback as a healthy step after months of sideways trading that stalled below the $120,000 ceiling. “We need to move through this correction before conditions stabilize,” she said, while emphasizing that the long-term investment case for BTC remains strong once markets reset.
Acheson highlighted macro liquidity as bitcoin’s primary driver. Rate cuts may not arrive until late Q1 2026, but potential balance-sheet adjustments or liquidity injections could support risk assets sooner.
Analysts See Path Toward $84,000
Technical signals point to additional downside, according to John Glover, CIO at crypto lender Ledn. Bitcoin’s recent drop through the 23.6% Fibonacci retracement level — just under $100,000 — now exposes the next major support zone near $84,000.
Until macro clarity improves and liquidity conditions firm up, analysts warn that the broader crypto market may remain vulnerable to deeper retracements
