Byzantine Asia Minor

WI: It is permanently lost after Manzikert. The first crusade is defeated and Alexius Comnenus is unable to make any progress or conquests. Could the empire survive as a regional state consisting of the Aegan islands, Greece, Macedonia, and part of the Balkans?
 
Wouldn't it be pretty gutted manpower- and taxation-wise? And Constantinople would be very close to hostile territory (it'd likely hold out- Theodosian Walls and all that- but raids would be destabilising and bad for revenue).

An unsuccessful Alexios will be potentially deposed-he faced plenty of usurpers IOTL, and here his reputation will be lower. If this happens he will almost certainly be replaced by someone less competent and/or there'll be a round of civil war/coups, further weakening the empire.

A failed first crusade will probably have damaged the Normans, but they'd likely seek to prey on the western bits of the Empire again.
 
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