Bitcoin News Today: Institutions Hold Course as Crypto Market's Bearish Trends Intensify

Bitcoin's recent volatility has cast a shadow over the crypto market, but Bitwise CEO Michael Saylor has injected a dose of optimism. Saylor denied rumors that the firm sold 43,415 BTC worth $4.26 billion, clarifying that the on-chain activity reflected custodian and wallet rotations rather than disposals. The firm's holdings remain stable at 641,692 BTC, reaffirming its commitment to treating Bitcoin as a core treasury asset. Saylor also signaled accelerated Bitcoin purchases, calling current price levels a "strong base" and forecasting outperformance over gold and the S&P 500 by 2025.

The broader market, however, remains under pressure. Bitcoin's decline below $95,000 last week triggered a wave of panic, exacerbated by bearish technical indicators. A Death Cross pattern-where the 50-day EMA crossed below the 100-day EMA-highlighted extended bearish sentiment, while the Relative Strength Index (RSI) dipped to 32, signaling intensifying selling momentum. On-chain data from CryptoQuant confirmed a bleak outlook, with Bitcoin's Bull Score Index plummeting from 80 in October to 20, marking an "extremely bearish" phase. Long-term holders (LTHs) sold 815,000 BTC in the past 30 days, the highest since early 2024, compounding downward pressure.

Amid the gloom, other firms are doubling down on crypto. Bit Digital, for instance, has shifted to an Ethereum-focused treasury model, boosting its ETH holdings to 153,547 tokens, valued at $590.5 million as of October 31. The company plans to expand staking operations and maintain a disciplined approach to capital allocation, even as mining operations wind down. This strategy mirrors Bitwise's Bitcoin-centric playbook, underscoring a broader trend of institutional players leveraging crypto's long-term potential despite short-term turbulence.

Market sentiment remains fragile. The Crypto Fear & Greed Index hit 15, a seven-month low, as Bitcoin's 365-day moving average ($102,000) emerges as a critical support level. Failure to reclaim this threshold could accelerate a deeper correction. Yet Saylor's assertions-and similar moves by firms like Bit Digital-suggest that selling pressure may be easing, offering a tentative lifeline to crypto bulls.