Bitcoin (BTC) returned below $64,000 after the Wall Street open Thursday as bulls nursed 13.5% weekly losses.
Key points:
- Bitcoin struggles to stabilize amid worst week of losses in 2026 so far.
- $60,000 is the line in the sand that bulls need to defend, analysis says.
- BTC price action with key trendline closely mimics 2022 bear market.
“Bitcoin sellers remain in control” as $60,000 approaches
Data from TradingView showed BTC price barely recovering after falling to its lowest levels since early February.
BTC/USD hourly chart. Source: Cointelegraph/TradingView
BTC/USD looked at its again 200-week simple moving average (SMA) trend line. at low levels, continuing to copy the “classics” bear market behavior from 2022.
“Continuation of decline after that bearish retest in the low $80k region,” wrote trader Daan Crypto Trades in abstract status quo on X.
“Clearly this is still a larger downtrend than last October.”
Daan Crypto Trades said the focus is now on $60,000 and its ability to hold as support.
“Here is the key area with at least $60k with the weekly 200MA,” he added.
BTC/USDT standing contract one day chart. Source: Daan Crypto Trades/X
Trading source The Kobeissi Letter noted that since October 2025, crypto markets have lost more than $2 trillion in market gains.
A one-week chart of the total market capitalization of cryptocurrencies. Source: Cointelegraph/TradingView
In short time frames, an Exitpump commentator said sellers still have the upper hand.
“Each bounce runs into a wall of chasing queries on the Binance perps order book. The moment buyers start to push, more supply appears overhead and keeps the price pinned,” they told X followers.
“The sellers are in control for now.”
BTC/USDT standing contract (Binance) chart with order book liquidity. Source: Exitpump/X
Analysis notes “unbelievable” BTC price retracement in 2022
Up more than 13%, BTC/USD thus faced its worst week of 2026 so far, according to data from CoinGlass.
Related: Trump Says Iran Will ‘Work Fine’: Five Things to Know About Bitcoin This Week
BTC/USD weekly performance (screenshot). Source: CoinGlass
Continuing on the 200-week trend line, meanwhile, currently at $61,626, trader and analyst Rekt Capital has argued for the current four-year BTC price cycles.
“On June 13, 2022, Bitcoin reached the 200-week SMA during a bear market correction,” he said. recorded per day.
“Now in the 2026 bear market Bitcoin hit the 200 week SMA almost exactly on the date 4 years later. Bitcoin cycles are amazing.”
BTC/USD weekly chart with 200SMA. Source: Rekt Capital/X
