Chiliz (CHZ) is experiencing a significant decline this week, falling by 22.5% to $0.0568. Despite partly recovering from a 27.1% loss earlier on Friday, when it was at $0.0535, the token remains under considerable pressure. This level of $0.0535 was significant as it marked the starting point of a 216% rally for spot Bitcoin-ETFs on October 12, 2023. The overall bearish market condition is heavily impacting CHZ. Bitcoin (BTC) has plunged by 13.3% to $53,619, approaching the critical support level at $50,000. If BTC loses another 6-7%, it could lead to further declines for CHZ, potentially testing its support at $0.0500. Despite the adverse market conditions, the Chiliz project continues to generate positive news. Garanti BBVA has recently added Chiliz to its crypto app, and Chiliz announced an integration with PUML to deliver gamified health and wellness features, enhancing engagement with sports fans. These developments could provide some support and help CHZ stay above the crucial $0.0500 support level.