Bitcoin has slipped below its 365-day moving average of $102,000, prompting on-chain analytics firm CryptoQuant to label the market as 'extremely bearish.' This drop marks the loss of a significant technical and psychological support level, with CryptoQuant's Bull Score Index hitting zero for the first time since June 2022. The firm cautions that if Bitcoin fails to recover above $100,000, it could face further declines, with potential downside targets near $72,000. Currently, Bitcoin is trading around $101,000, reflecting a nearly 7% decrease over the past week.