Bitcoin fell back below $64,000 on Thursday after Wall Street opened, continuing a rough week for the largest cryptocurrency. Bulls are now nursing losses of about 13.5% over the past seven days, and the mood among traders remains cautious.
Data from TradingView showed BTC price strength barely recovering from a slide to its lowest levels since early February. At the lows, Bitcoin revisited its 200-week simple moving average trend line, a pattern that some analysts say mirrors the bear-market behavior from 2022.
Sellers still in control near $60,000
Trader Daan Crypto Trades summed up the current situation on X, describing it as a “continuation down after that bearish retest in the low $80Ks region.” He added that the focus now is on the $60,000 level and whether it can hold as support.
“Key area here in the low $60Ks least with the Weekly 200MA too,” he wrote, referring to the 200-week moving average.
Short-time-frame commentator Exitpump also noted that sellers remain dominant. “Every bounce gets met with a wall of chasing asks on Binance perps orderbook,” they told followers. “The moment buyers start pushing, more supply shows up overhead and keeps price pinned.”
$2 trillion wiped from crypto market
Trading resource The Kobeissi Letter pointed out that since October 2025, crypto markets have shed more than $2 trillion in total market cap. This has added to the sense of unease across the sector.
Bitcoin is now facing its worst week of 2026 so far, with losses exceeding 13%, according to data from CoinGlass. The drop has been sharp, but some analysts still see patterns from past cycles.
Echoes of the 2022 bear market
Trader and analyst Rekt Capital highlighted a similarity with Bitcoin’s behavior in June 2022. “On the 13th of June 2022, Bitcoin reached the 200-week SMA during its Bear Market correction,” he noted. The current chart shows a similar retest of that trend line, which sits at around $61,626 right now. For Rekt Capital, this might signal that the four-year cycle is still playing out as it has in the past.
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