Bitcoin fell back below $64,000 Thursday after Wall Street opened, continuing a tough week for the largest cryptocurrency. The bulls are now suffering losses of around 13.5% over the past seven days, and traders’ mood remains cautious.
Data from TradingView showed that BTC price strength was barely recovering from a fall to its lowest levels since early February. At the low, Bitcoin revisited its 200-week simple moving average trendline, a trend that some analysts believe reflects the behavior of the 2022 bear market.
Sellers Still Control Nearly $60,000
Trader Daan Crypto Trades summarized the current situation on He added that the focus now is on the $60,000 level and its ability to act as support.
“Key area here in the $60k at least with the weekly 200MA as well,” he wrote, referring to the 200-week moving average.
Short-term commentator Exitpump also noted that sellers remain dominant. “Every bounce hits a wall of lawsuit demands on the Binance criminals’ backlog,” they told their followers. “As buyers start to push, more supply appears and keeps prices stable. »
$2 Trillion Wiped From Crypto Market
Trading Resource Kobeissi’s letter highlighted that since October 2025, crypto markets have lost over $2 trillion in total market capitalization. This added to the sense of unease in the sector.
Bitcoin is now facing its worst week of 2026 so far, with losses exceeding 13%, according to CoinGlass data. The decline has been sharp, but some analysts still see trends from past cycles.
Echoes of the 2022 bear market
Trader and analyst Rekt Capital pointed out a similarity to Bitcoin’s behavior in June 2022. “On June 13, 2022, Bitcoin reached the 200-week SMA during its bear market correction,” he noted. The current chart shows a similar retest of this trendline, which currently sits at around $61,626. For Rekt Capital, this could indicate that the four-year cycle is still unfolding as in the past.
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