Bitcoin slid below the $64,000 mark shortly after the U.S. stock market opened on Thursday, extending its weekly decline to a staggering 13.5%—the worst weekly performance for the cryptocurrency since 2026. The sell-off drove prices to their lowest level since early February, and BTC re-tested the 200-week simple moving average, a historically significant long-term support line.
200-Week Moving Average Under Threat, $60,000 Becomes Crucial
Trader Daan Crypto Trades noted that Bitcoin's failure to hold ground after a bearish retest of the low $80,000 range has reinforced the larger downtrend that has been in place since last October. He emphasized that the market's focus has now shifted entirely to whether the $60,000 level can serve as a reliable floor. The low $60,000s, combined with the ascending 200-week moving average, form a zone that bulls must defend aggressively — the $60,000 area also aligns with psychological support, making it the line in the sand for the current cycle.
The Kobeissi Letter provided a stark macroeconomic perspective: since October 2025, the total market capitalization of the crypto sector has shed more than $2 trillion, underscoring a deep and prolonged bear market that has erased vast amounts of value.
Perpetuals Order Book Reflects Seller Dominance, Cyclical Pattern Repeats
On shorter timeframes, commentator Exitpump highlighted the Binance perpetual futures order book, where each attempted bounce attracts clusters of limit sell orders. Any buying pressure that tries to lift the price is quickly met with additional overhead supply, indicating that sellers remain firmly in control of the market at present.
Zooming out to a macro cycle view, trader Rekt Capital drew attention to a striking historical parallel: on June 13, 2022, Bitcoin touched the 200-week moving average during a brutal bear market sell-off. Almost exactly four years later, in the 2026 bear market, BTC revisited this same long-term average on nearly the same calendar day. He described this nearly precise cyclical repetition as "incredible," suggesting that the underlying market structure continues to play out in a rhythmic fashion.