Bitcoin bulls' fate rests on $60K support as crypto erases $2T in market cap
Bitcoin fell back below $64,000 after the Wall Street open, extending a weekly loss of about 13.5% and bringing $60,000 into focus as the next key support level. Price action showed repeated bearish behavior, including a retest of the 200-week simple moving average near the lows, similar to prior bear-market patterns. Traders described sellers as firmly in control, with bounces being met by heavy overhead supply and weak follow-through. Market commentary also pointed to the broader crypto market having lost over $2 trillion since October 2025. Analysts highlighted the speed and scale of the decline as consistent with a larger downtrend that began last year, while one noted the current move has echoed Bitcoin’s 2022 bear-market touch of the 200-week SMA almost exactly four years later.
