Bitcoin bulls eye $60K support as crypto erases $2T

Bitcoin (BTC) returned below $64,000 after Thursday's Wall Street open, with bulls nursing 13.5% weekly losses. Key points: Bitcoin is struggling 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 along a key trend line is closely mimicking 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 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 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.

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

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."

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.

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."