Bitcoin is heading into the weekend in rough shape, sliding below $95,000 late Friday in what has become its steepest weekly drop in eight months. The world’s largest cryptocurrency has fallen nearly 9% since Monday, marking its worst performance since March and extending a broader correction across the crypto market.
While U.S. equities managed to hold small gains before the closing bell, crypto traders saw no such relief. BTC, which struggled to reclaim any upward momentum all week, hit its lowest level since May and showed little sign of a late-session bounce.
Ethereum didn’t fare any better. ETH traded under $3,200 and shed more than 11% over the past five days. Solana took an even harder hit, dropping 15% since Monday. XRP, however, emerged as a surprise relative outperformer, slipping only 1%—potentially supported by the launch of its first U.S.-listed spot ETF from Canary Capital.
The pain extended to crypto-related stocks as well. After Thursday’s heavy sell-off, major names remained mixed. MicroStrategy plunged another 4% and dipped below $200 for the first time since late 2024. BitMine (BMNR), Bullish (BLSH), and miners like CleanSpark, Hive Digital, and MARA Holdings all declined between 4% and 7%.
On the upside, Hut 8 rebounded 6% after earnings from its American Bitcoin venture tied to the Trump family. Robinhood and Riot Platforms also booked modest gains of around 3%.
A Market Running on Guesswork
Analysts say the latest slump is being fueled by uncertainty—and not just from the Federal Reserve. The U.S. government’s longest shutdown, which lasted from Oct. 1 until this week, halted the release of crucial inflation and employment data. Without those metrics, investors have been left flying blind.
Bitfinex analysts described the situation as an “information vacuum,” arguing that traders have little clarity on the economic environment or what the Fed may do next. And while Congress passed a temporary bill to reopen the government, it only funds operations until Jan. 30, leaving the broader uncertainty unresolved.
Crypto analyst Noelle Acheson believes this pullback is a needed reset after BTC failed to break above $120,000 earlier this year. She says bitcoin’s long-term outlook remains strong, but warns the market needs to flush out excess leverage before stabilizing. Macro liquidity, she added, remains the key factor—and with the next Fed rate cut unlikely until early 2026, sentiment may stay shaky for now.
Could Bitcoin Fall to $84K?
Some analysts see more turbulence ahead. John Glover, CIO at Ledn, warned that bitcoin’s drop below a key Fibonacci retracement level has opened the door to deeper downside. The next major support sits near $84,000, he said.
Glover expects an extended period of volatility and believes bitcoin remains in a broader bear phase. While he forecasts BTC briefly reclaiming the $100,000 level at some point, he doesn’t see a durable recovery until well past a possible dip under $90,000—hinting that the full correction could stretch into summer 2026.
As markets head into the weekend, one thing is clear: the crypto rally that once looked unstoppable is now running into its toughest test in months.
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