Asia Colour - 17 Nov 25 1/ $BTC’s 27% slide from ATHs erased nearly all 2025 gains, with a weekly close below $100k and the 50W MA breach confirming a cautious tone.

2/ Key support sits at $92k, the same base from Q4 last year, with an unfilled CME gap likely to attract buyers, though dense overhead supply limits any bounce.

3/ Macro tone has turned defensive as U.S. equities sold off, VIX stays >20, and delayed economic data returns post-shutdown. Thursday’s jobs report could set the tone for risk.

4/ Options market shows persistent downside hedging, with front-end vols >50 and skew heavily put-biased. The break below the 50W MA reinforces a bearish bias.

5/ A short-term bounce is possible, but unless $BTC holds 88k or recovers above 100k, the path of least resistance remains lower.

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