Bitcoin dropped below $64,000 after Thursday’s U.S. market open, extending its weekly loss to 13.5%, the steepest decline of 2026 so far. The move has brought the largest cryptocurrency to within striking distance of the key $60,000 support level that many analysts see as critical for preserving its broader upward trend.
Price tests long-term technical support
The latest slide has pushed Bitcoin back toward its 200-week simple moving average, now near $61,626. This long-term indicator has historically marked major turning points, acting as a floor during bull markets and a ceiling during downturns. It last played a decisive role in 2022’s bear market and is now being revisited for the first time since October 2023.
Bitcoin briefly touched price levels last seen in early February, with only modest signs of recovery so far. Short-term trading charts show persistent selling pressure, and order book data indicates fresh supply emerging each time buyers attempt to lift prices.
Market analysts note that Bitcoin’s current pattern closely mirrors its behavior during the 2022 bear market cycle. The timing roughly four years after the previous major cycle peak supports the view that the asset is repeating elements of its historical market rhythm.
Wider crypto market sheds over $2 trillion
Since October 2025, more than $2 trillion has been wiped from the broader digital asset market’s capitalization, according to multiple tracking services. This downturn has dragged many major cryptocurrencies back toward long-term averages, with Bitcoin’s current path aligned with previous corrections that first tested these levels before eventually stabilizing.
Whether the $60,000 area holds in the coming sessions is now a key focus. A sustained break below that threshold could signal that the present correction is not yet finished and may deepen in the weeks ahead.
ETFs and whales show consistent outflows
Recent fund flow data highlights how sentiment has deteriorated. Spot Bitcoin ETFs have recorded ten straight days of net outflows totaling more than 40,000 BTC, equivalent to roughly $3 billion since late May. At the same time, large holders, or whales, controlling between 10 and 10,000 BTC have sold close to 25,000 BTC over the past week.
These outflows suggest that both institutional products and major on-chain wallets have been contributing to the selling pressure, reinforcing the move back to long-term support zones.
- Spot Bitcoin ETFs: ten consecutive days of net outflows, over 40,000 BTC withdrawn since late May, roughly $3 billion in capital
- Whales: addresses holding 10–10,000 BTC sold nearly 25,000 BTC in the past week
- Market structure: repeated appearance of sell orders each time the price attempts to bounce, capping short-term rallies
Macro headwinds link Bitcoin to risk assets
Bitcoin’s latest decline is also closely tied to wider macroeconomic conditions. Persistent inflation concerns have delayed expected interest rate cuts, while geopolitical tensions continue to push up energy prices. Together, these factors have weighed on global risk sentiment.
In this environment, Bitcoin has increasingly traded in line with other risk assets, particularly high-beta technology stocks. Rather than acting as a safe haven, the cryptocurrency has shown higher sensitivity to the same macro drivers that affect equities, especially when policy uncertainty and growth fears rise.
Key levels for June and short-term outlook
In the near term, traders are focused on whether fresh demand emerges in the current support zone between about $60,000 and $61,600. Prediction markets are assigning a 56% probability that Bitcoin will fall below $60,000 at some point in June, indicating that many market participants expect at least a brief break of this level.
A clear failure to hold the $60,000 area could put lower targets in play. Several analysts are pointing to the $50,000 to $54,000 band as the next major support region, based on historical trading ranges and pricing models.
At the same time, some technical indicators now suggest the market may be approaching exhaustion on the downside. The daily Relative Strength Index has dropped to its most oversold reading since 2020, a condition that has previously preceded notable rebounds in Bitcoin’s price.
Analysts split between deeper correction and looming rebound
The mixed signals have left the market divided between expectations of a deeper correction and a potential base-building phase.
Geoff Kendrick, a researcher at Standard Chartered, argues that Bitcoin may be nearing a cyclical bottom. He has kept a year-end price target of $100,000 in place and views current levels as a potential entry zone for those willing to tolerate volatility.
The next phase will likely depend on whether ETF outflows slow or reverse and if the strong sell walls visible on exchanges begin to be absorbed by renewed buying. If the 200-week moving average once again acts as a durable support, it could reinforce the case that the long-term bull trend remains intact despite the sharp pullback. If it fails, traders will be watching how quickly the market gravitates toward lower support levels near $50,000.
Wondering if this dip mirrors past bear markets? Explore key Bitcoin correction signals before planning your next move.
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