Bitcoin Tests Key $60,000 Support as Crypto Market Loses Over $2 Trillion

Bitcoin remained under pressure today, trading below $64,000 after recording its steepest weekly decline of 2026. Btc has fallen roughly 13.5% over the past week, highlighting growing uncertainty across digital asset markets.

Recent market weakness pushed Bitcoin to its lowest level since early February, with traders closely watching whether buyers can defend the important $60,000 support zone. Market analysts describe this level as a critical line for bulls, particularly as Bitcoin revisits its 200-week simple moving average, a technical indicator often monitored during major market downturns.

Analysts Compare Current Market to 2022 Bear Cycle

Several traders have noted similarities between current price action and the 2022 crypto bear market. According to market observations, Bitcoin’s movement around the 200-week moving average closely mirrors patterns seen four years ago, raising concerns that the broader downtrend remains intact.

One analyst pointed out that Bitcoin touched the 200-week moving average in June 2022 and has now returned to the same indicator almost exactly four years later, reinforcing the idea of recurring market cycles.

Crypto Market Cap Drops by More Than $2 Trillion

The broader crypto market has also suffered significant losses. Since October 2025, the total crypto market capitalization has declined by more than $2 trillion, reflecting reduced investor confidence and weaker risk appetite.

Sellers Continue to Dominate Market Activity

Short-term trading data suggests sellers remain firmly in control. Analysts report that every recovery attempt is being met with heavy selling pressure, preventing Bitcoin from establishing a sustained rebound. As long as resistance remains strong, market participants are expected to keep a close watch on the $60,000 level for signs of stabilization or further downside.