Circle stock has dropped over 60% from its peak, now trading near $100, as it breaks below crucial support levels, including $106.85. This decline invalidates a potential double-bottom pattern. The company is poised to release its second quarterly earnings report as a public entity this week. Analysts point to challenges such as stagnant USDC growth, heightened stablecoin market competition, and possible Federal Reserve interest rate cuts. The upcoming lockup expiry in December could further pressure the stock, with a potential target of $90 if the bearish trend persists.