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

Bitcoin returned below $64,000 after Thursday’s Wall Street open as bulls nursed 13.5% weekly losses. The focus is on $60,000 and its ability to hold as support, a key line in the sand for bulls.

Price strength barely recovered after a slide to the lowest levels since early February, with BTC revisiting the 200-week simple moving average trend line and closely echoing the 2022 bear market. Trader Daan Crypto Trades described the action as a continuation of a larger down trend that began in October last year, and Rekt Capital highlighted the four-year cycle, noting Bitcoin reached the 200-week SMA almost exactly to the date four years after June 13, 2022, calling the cycles incredible.

The Kobeissi Letter noted that since October 2025 crypto markets have shed more than $2 trillion in market cap. On short time frames, Exitpump warned every bounce faces a wall of chasing asks on Binance perpetuals and said sellers remain in control for now.

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