Bitcoin extended its losses on Thursday as U.S. equity markets opened, sliding back below the $64,000 level. The weekly drawdown reached 13.5%, making it the worst single-week performance since the beginning of 2026. During the session, BTC briefly touched its lowest level since early February and retested the 200-week simple moving average, a widely watched long-term trend indicator often cited as the line between bull and bear markets.
Shifting Focus to the $60k Support Zone
Trader Daan Crypto Trades noted that Bitcoin had already been rejected in a bearish retest of the low $80,000s and has remained trapped in a larger downtrend since last October. He argued that the market’s attention has now shifted to the $60,000 area, where the convergence of the psychological support and the 200-week SMA forms a critical battleground for bulls. Holding that level is seen as essential to prevent a deeper slide.
Short-term order-book dynamics reinforce the selling pressure. Commentator Exitpump observed that on Binance perpetual futures, every attempt by buyers to push prices higher is met with immediate sell orders. Additional supply quickly appears overhead, and sellers remain firmly in control of intraday price action, with any bounce struggling for follow-through.
A Historical Echo at the 200-Week SMA
Trader Rekt Capital offered a cyclical perspective: on June 13, 2022, Bitcoin precisely tagged the 200-week SMA during the bear market. Nearly four years later, in the ongoing 2026 bear phase, BTC touched the same moving average almost to the date. He described this repetition as an “incredible” display of Bitcoin’s cyclical behavior, adding weight to the idea that the 200-week SMA serves as a significant anchor in the asset’s long-term price structure.
From a macro standpoint, The Kobeissi Letter highlighted that the total cryptocurrency market capitalization has evaporated by more than $2 trillion since October 2025. The massive capital outflow reflects a sustained contraction in risk appetite, underscoring the depth of the current market drawdown.