Bitcoin Slides Below $95K in Worst Weekly Drop Since March, Analyst Sets Downside Target at $84K
Bitcoin traded near session lows below $95,000, marking about a 9% drop over the week, the worst decline in eight months. Ethereum also declined sharply, trading near $3,149.71, down more than 11% since Monday and falling below $3,200. Solana fell roughly 15% to around $141.11 during the same period. XRP decreased about 1% to approximately $2.28, though this was somewhat supported by the debut of its first U.S. spot ETF by Canary Capital.
Market downturn has been attributed to an information vacuum and fading expectations of a Federal Reserve rate cut amid a U.S. government shutdown. The current spending bill only funds the government through January 30, adding political uncertainty that weighed on market sentiment.
Ledn CIO John Glover noted that after the breach below $100,000, Bitcoin faces a next major support near $84,000 as part of a continued bear-market trajectory. The break below the 23.6% Fibonacci retracement level below $100,000 opens a path towards the $84,000 level, with potential further downside likely into 2026.
Crypto equities were mixed in performance: MicroStrategy shares dropped about 4% to below $200. Miners and related stocks including BLSH, BMNR, CLSK, MARA, and HIVE fell between 4% and 7%. Conversely, Hut 8 increased approximately 6% following its earnings report, while HOOD and RIOT both gained around 3%.
