Bitcoin Must Hold $60,000 Next After $2 Trillion Crypto Market Wipeout

Bitcoin (BTC) returned below $64,000 after Thursday’s Wall Street open as bulls nursed 13.5% weekly losses.

Key points:

• Bitcoin struggles to stabilize amid its worst week of losses in 2026 so far.
• $60,000 is the line in the sand for bulls to defend, analysis says.
• BTC price action with a key trend line closely mimics the 2022 bear market.

Bitcoin “sellers remain in control” as $60,000 nears

Data from TradingView showed BTC price strength barely recovering after a slide to its lowest levels since early February.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

BTC/USD revisited its 200-week simple moving average (SMA) trend line at the lows, continuing to copy “classic” bear-market behavior from 2022.

“Continuation down after that bearish retest in the low $80Ks region,” trader Daan Crypto Trades wrote in a summary of the status quo on X. 

“Clearly still a bigger down trend this has been in since October last year.”

Daan Crypto Trades said that the focus was now on $60,000 and its ability to sustain as support.

“Key area here in the low $60Ks least with the Weekly 200MA too,” he added.

BTC/USDT perpetual contract one-day chart. Source: Daan Crypto Trades/X

Trading resource The Kobeissi Letter noted that since October 2025, crypto markets had shed more than $2 trillion in market up.

Total crypto market cap one-week chart. Source: Cointelegraph/TradingView

On short time frames, commentator Exitpump said that sellers still had the upper hand. 

“Every bounce gets met with a wall of chasing asks on Binance perps orderbook. The moment buyers start pushing, more supply shows up overhead and keeps price pinned,” they told X followers. 

“Sellers remain in control for now.”

BTC/USDT perpetual contract (Binance) chart with order-book liquidity. Source: Exitpump/X

Analysis notes “incredible” 2022 BTC price replay

At more than 13%, BTC/USD thus faced its worst week of 2026 so far, per data from CoinGlass.

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BTC/USD weekly performance (screenshot). Source: CoinGlass

Continuing on the 200-week trend line, meanwhile, currently at $61,626, trader and analyst Rekt Capital made the case for ongoing four-year BTC price cycles.

“On the 13th of June 2022, Bitcoin reached the 200-week SMA during its Bear Market correction,” he noted on the day. 

“Now in the 2026 Bear Market, Bitcoin has reached the 200-week SMA almost exactly to the date 4 years later. Bitcoin Cycles are incredible.”

BTC/USD one-week chart with 200SMA. Source: Rekt Capital/X