Bitcoin has fallen 27% from its yearly high, dropping below $100,000 and losing its 50-week moving average, according to QCP Capital. The market sentiment has turned noticeably bearish, with key support levels now at $92,000 and a CME gap at $88,000 being closely watched for potential short-term rebounds. Additionally, the U.S. government's reopening is expected to release a backlog of delayed data, increasing macroeconomic uncertainty and volatility. Bitcoin's implied volatility remains above 50, with options skew continuing to indicate bearish sentiment.