Bitcoin extended losses on Friday, leaving the token on track for a steep weekly decline as a global selloff in richly valued technology shares curbed demand for risk assets. The largest cryptocurrency fell 0.8% to $102,294 by 00:23 ET (05:23 GMT) and is down nearly 8% this week, cementing a second straight weekly drop and four declines in the past five weeks. Having retreated more than 20% from its early-October record, Bitcoin is now in a technical bear market.

The pressure remains macro-driven. This week’s de-rating in megacap tech spilled into crypto, with investors questioning whether AI-linked multiples can hold absent faster earnings growth. A prolonged U.S. government shutdown has further chilled sentiment by delaying key data releases and muddling visibility on the growth and inflation outlook. Private indicators offered mixed signals: one series flagged a jump in October layoffs, nudging markets to tentatively price a December Federal Reserve cut, but uncertainty over timing and magnitude kept risk appetite fragile.

Policy rhetoric offered little lasting support. President Donald Trump touted ambitions to make the U.S. a “Bitcoin superpower” and highlighted a raft of crypto-friendly measures, including a national crypto stockpile concept and a stablecoin framework. While the tone signaled a friendlier regulatory backdrop, the absence of concrete demand catalysts—such as government purchases—limited the market impact.

Broader digital assets drifted in sympathy. Ether slipped 0.9% to $3,357 and is down >13% on the week after touching its weakest level since mid-July. XRP fell about 4.1% (−~11% w/w), while BNB ticked up 1.9% on the day but remains roughly 12% lower for the week. Solana eased 0.8%, Cardano rose 2%, Dogecoin added 1.5%, and $TRUMP fell 5.5%.

Outlook: With liquidity thin and cross-asset volatility elevated, near-term direction hinges on rates pricing and the durability of the equity drawdown. Without clearer evidence of a dovish Fed pivot—or fresh, tangible crypto-specific inflows—rallies are likely to fade into overhead supply, keeping Bitcoin range-bound with a defensive bias.