Bitcoin fell back below $61,500 on Monday, extending a painful period that has now erased more than 8% of its value over the past seven days. The total crypto market cap has fallen to levels not seen since the start of the year.
In this environment, Changpeng Zhao, the founder of Binance and one of the most followed voices in the entire cryptocurrency industry, chose Monday morning to post a short, deliberate, and timed message with obvious intent.
“Bitcoin won’t be dead for too long,” CZ wrote on X, adding a reference to the phrase made famous by Douglas Adams: don’t panic, in big, friendly letters.
Bitcoin Price Analysis
Bitcoin has been printing lower prices, closing last week at its lowest weekly close since the second half of 2024. But here’s the thing: the weekly RSI is holding higher lows. This combination, falling prices while momentum holds, is the same pattern that preceded Bitcoin’s recovery from the 2022 bear market low.
Shorter term, Bitcoin holds the $60,000 support level, bouncing cleanly from this area over the past few days. The immediate resistance to watch is between $65,000 and $66,269, with the most important barrier between $67,000 and $77,000 above.
Broader market pressure
The assets surrounding Bitcoin tell a consistent story of a market under pressure but not collapsing. Ethereum lost nearly 14% over seven days, trading at $1,641. XRP is down 7% over the same period at $1.13. Solana gave up 15% to trade at $64.
The downside risk below $60,000, while cannot be ruled out, is considered less likely in the near term given the oversold signals still unfolding. If this level ends up breaching, the next significant support will be between $53,000 and $55,000.
I think CZ’s comment is clearly aimed at calming nerves, especially after a week where fear was the dominant emotion in the market. Whether this will work remains to be seen, but for now the data suggests we may be closer to a bottom than a continued free fall.
