Written by William Subergstaff writerReviewed by Allen Scottstaff editorWritten by William Subergstaff writerReviewed by Allen Scottstaff editorBitcoin bulls' fate rests on $60K support as crypto erases $2T in market cap
MarketsPublishedJun 4, 2026Bitcoin continued "incredible" 2022 bear market repeat behavior as sellers kept control over BTC price rebound attempts.
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.
Related: Trump says Iran will ‘work out well’: Five things to know in Bitcoin this week
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
This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.More on the subject
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