Analysis: Bitcoin retests the 200-week moving average, with $60,000 as a key support level
BlockBeats news, on June 5, Bitcoin fell below $64,000 again after the US stock market opened on Thursday, with a weekly decline of 13.5%, marking its worst single-week performance since 2026. BTC earlier dropped to its lowest level since early February and retested the 200-week simple moving average.
Trader Daan Crypto Trades stated that BTC continued to decline after experiencing a bearish retest in the low $80,000 range and has been in a larger downtrend since October last year. He believes that the current market focus has shifted to whether the $60,000 level can hold as support, and the low $60,000 region combined with the 200-week moving average will become a key area for bulls to defend.
Trading resource The Kobeissi Letter pointed out that since October 2025, the total crypto market capitalization has evaporated by more than $2 trillion. In the short term, commentator Exitpump stated that each rebound in a certain exchange's perpetual contract order book encounters selling orders; whenever buying starts to push up the price, more supply appears above, and currently, sellers still hold control.
Trader Rekt Capital stated that on June 13, 2022, BTC touched the 200-week moving average during the bear market pullback; and in the 2026 bear market, BTC almost touched this moving average again on nearly the same date four years later. He considers BTC's cyclical performance to be "incredible."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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