BTC has erased nearly all of this year’s gains, dropping 27% from its highs and closing below $100k for the first time since May. With the 50-week MA now broken and sentiment turning sharply bearish, all eyes are on the 92k support and 88k CME gap for signs of a short-term bounce.

Macro headwinds remain strong as the U.S. government reopens and long-delayed data hits the wires this week. Expect volatility to stay elevated with BTC implied vols above 50 and skew heavily tilted toward Puts.

Is this a cycle reset or just the final shakeout before recovery?

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