Recent days have seen Bitcoin prices decline, falling below $100,000 for the first time since May. The cryptocurrency has experienced a 27% drop from its all-time high, prompting analysis firm QCP Capital to evaluate the current market situation. QCP analysts noted that Bitcoin’s recent downturn, including dropping below the crucial $95,000 level, is likely driven by narratives regarding the approaching end of its four-year cycle. 27% below its all-time high, Bitcoin closed the week below $100,000 for the first time since May, fueling bearish sentiment after the 50-week moving average was broken. The firm has observed a clear hedging bias in the options market, indicating increased demand for downside protection. QCP Capital highlights two crucial levels: the $92,000 support and the $88,000 CME gap, highlighting their potential influence on Bitcoin’s future trajectory. Whether a break above the 50-week moving average will solidify the bearish trend or confirm a long-term trend reversal hinges on whether Bitcoin can overcome key support levels at $88,000 and $74,500.