Bitcoin dropped below its 365-day moving average of approximately $102,000 this week, a technical threshold last broken in early 2022. CryptoQuant's Bull Score Index fell to zero for the first time since June 2022, indicating extremely bearish sentiment. Analysts caution that sustained trading below this level could drive prices toward $72,000 support.

Sequans Communications sold 970 BTC worth approximately $100 million to repurchase convertible bonds, cutting total debt from $189 million to $94.5 million. The transaction marks the first Bitcoin liquidation by a Digital Asset Treasury firm since Sequans adopted its Bitcoin strategy in July 2025. The company retained 2,264 BTC valued at roughly $240 million as of November 4, 2025.

Tokyo-listed Metaplanet Inc. closed a $100 million credit facility on October 31, collateralized by part of its 30,823 BTC holdings valued at approximately $3.2 billion. The loan will finance additional bitcoin acquisitions and support the company's income-generation program that earns option premiums on pledged BTC.

Bitwise Chief Investment Officer Matt Hougan likens Bitcoin's current market behavior to the post-IPO consolidation seen in major tech stocks. BTC briefly fell below $100,000 on Tuesday, roughly one month after reaching a record above $126,000 in early October. Hougan contends the sideways movement reflects institutional absorption of early-holder exits rather than fundamental weakness, and that 5% allocations should now serve as the baseline for investors.

Bitcoin fell below $100,000 for the first time in months despite global M2 money supply hitting a record $95.8 trillion. As of November 5, BTC trades near $104,000, breaking its historical correlation with liquidity expansion. Data show Bitcoin has dropped below its 365-day moving average of approximately $102,000, with CryptoQuant's Bull Score Index reaching zero for the first time since June 2022.

Sequans Communications sold 970 BTC to redeem 50% of its $189 million convertible debt, reducing outstanding obligations to $94.5 million. The IoT semiconductor firm's remaining treasury holds 2,264 BTC, valued at approximately $240 million. Bitcoin trades near $102,000, down 2.45% in 24 hours, with technical indicators showing a descending wedge pattern and RSI at 31.

Bitcoin dropped 10% over the past week to retest $100,000, recording its weakest 30-day performance against the Nasdaq since July 2024. Despite bearish sentiment following October's $20 billion deleveraging event, easing monetary policy, potential 401(k) crypto access, and increased bank participation suggest the decline represents consolidation rather than a cycle peak, according to K33 Research.

Tokyo-listed Metaplanet withdrew $100 million on October 31 from its $500 million Bitcoin-backed credit facility. The loan represents approximately 3% of the company's $3.5 billion BTC reserves. Proceeds will fund additional cryptocurrency acquisitions, expand options trading operations, and potentially support share repurchases.