Bitcoin Risks $60K Support After $2 Trillion Market Loss

Sellers Keep Control Near $60,000

Bitcoin (BTC) slipped back below $64,000 after Thursday’s Wall Street open, as bulls nursed weekly losses of 13.5%. The move came amid a broader crypto market downturn that has erased over $2 trillion in value since October 2025, according to data from The Kobeissi Letter.

Data from TradingView showed BTC price strength barely recovering after a slide to its lowest levels since early February. The daily chart revisited the 200-week simple moving average (SMA) trend line, currently at $61,626. This pattern echoes what some traders describe as classic bear-market behavior from 2022.

Trader Daan Crypto Trades noted on X that the focus is now on $60,000 and its ability to hold as support. “Key area here in the low $60Ks least with the Weekly 200MA too,” he added. The token’s price action looked like a continuation downward after a bearish retest in the low $80,000s region.

On shorter time frames, commentator Exitpump observed that sellers still have the upper hand. “Every bounce gets met with a wall of chasing asks on Binance perps orderbook,” they wrote. “The moment buyers start pushing, more supply shows up overhead and keeps price pinned.”

Bitcoin’s 2022 Price Replay

At over 13%, BTC/USD faces its worst week of 2026 so far, per data from CoinGlass. Analyst Rekt Capital highlighted the ongoing four-year price cycles. “On the 13th of June 2022, Bitcoin reached the 200-week SMA during its Bear Market correction,” he pointed out, suggesting the current move may be following a similar script.

The broader market’s cap, as tracked by Cointelegraph and TradingView, shows a steep decline over the past week. While some see parallels to 2022’s downturn, the question remains whether $60,000 can serve as a floor—or if further losses lie ahead.

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

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