Bitcoin (BTC) fell back below $64,000 after Wall Street opened on Thursday, as bulls suffered weekly losses of 13.5%.
Key points:
- Bitcoin struggles to stabilize amid its worst week of losses in 2026 yet.
- $60,000 is the line in the sand that bulls must defend, according to the analysis.
- BTC price action with a key trend line closely mimics the 2022 bear market.
‘Bitcoin sellers remain in control’ as $60,000 approaches
TradingView data showed BTC price strength barely recovering after a drop to its lowest levels since early February.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
BTC/USD revised 200-week simple moving average (SMA) trend line at the minimum, continuing to copy “classics” bear market behavior from 2022.
“Continued bearish after that bearish retest in the low $80,000 region,” trader Daan Crypto Trades wrote in a summary of the status quo in X.
“Clearly, the downward trend remains stronger since October of last year.”
Daan Crypto Trades said the focus was now on $60,000 and its ability to hold as support.
“The key area here is also in the $60,000s with the Weekly 200MA,” he added.
One-day chart of the BTC/USDT perpetual contract. Source: Daan Crypto Trades/X
Trading resource The Kobeissi Letter noted that since October 2025, crypto markets had lost more than $2 trillion in market gains.
One week chart of total crypto market capitalization. Source: Cointelegraph/TradingView
In short timeframes, commentator Exitpump said sellers still had the upper hand.
“Every bounce is met with a wall of chasing requests in the Binance criminals’ order book. The moment buyers start pushing, more supply appears and keeps the price fixed,” they said. said X followers.
“Sellers remain in control for now.”
BTC/USDT (Binance) perpetual contract chart with order book liquidity. Source: Pump Out/X
Analysis points to “incredible” BTC price repeat in 2022
With more than 13%, BTC/USD thus faced its worst week of 2026 so far, according to data from glass coin.
Related: Trump Says Iran ‘Will Do Well’: Five Things to Know About Bitcoin This Week
BTC/USD weekly performance (screenshot). Source: CoinGlass
Meanwhile, continuing with the 200-week trend line, currently at $61,626, trader and analyst Rekt Capital made the case for the ongoing four-year BTC price cycles.
“On June 13, 2022, Bitcoin reached the 200-week SMA during its bear market correction,” he said. noted in the day.
“Now, in the 2026 bear market, Bitcoin has reached the 200-week SMA almost exactly on the date 4 years later. Bitcoin cycles are incredible.”
BTC/USD one-week chart with 200SMA. Source: Rekt Capital/X
