Fields, who won gold in Rio five years ago at the last Olympic Games, was stretchered from the scene by medical staff after he appeared to touch wheels with another competitor before landing face first. He was immediately taken to Tokyo's St. Luke's International Hospital.
That evening the United States Olympic and Paralympic Committee confirmed that the 28-year-old was ‘awake and stable’.
On Saturday a medical update was made public with USA Cycling confirming the brain bleed but also adding that Fields had been taken out of intensive care.
"The doctors reported that Fields sustained a brain hemorrhage at the venue," USA Cycling said on Saturday, according to Reuters.
"After a night in the ICU, the doctors are pleased to report that there has been no additional bleeding, and no new injuries were found. Fields has been moved out of the critical care unit and will remain in the hospital until cleared."
Fields' parents also spoke to the media with his father telling USA Today that his son had shown signs of improvement.
“"Cognitively, he's doing well. He knows where he is. He knows his birthday. He recognizes people," his father said.
Fields' mother had taken to social media and posted an update on Facebook, and thanked followers and fans for their "companionship and concern and prayers."
"Latest CT scan shows no additional brain injury and no additional bleeding so he has been transferred from ICU critical care to high level care and does not require surgery at this time," she added.
The men’s final was won by Dutch rider Niek Kimmann while Kye Whyte of Great Britain claimed silver and Colombia’s Carlos Alberto Ramirez Yepes took his second bronze at the Olympics, after also having come third at Rio.
Cyclingnews will update this story with any further news once it is available.
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