Analysis: Bitcoin Retests 200-Week Moving Average, $60,000 Key Support Area

June 5 — Bitcoin dipped below $64,000 once more Thursday after U.S. stock markets opened, notching a 13.5% weekly drop — its worst weekly showing since 2026. The cryptocurrency earlier hit its lowest point since early February, retesting the 200-week simple moving average. Trader Daan Crypto Trades noted that BTC extended its decline after a bearish retest in the $80,000 level range, adding the token has been in a broader downtrend since last October. He pointed out the market’s current focus now hinges on whether $60,000 will hold as support. The sub-$60k zone, which overlaps with the 200-week moving average, will be a critical level bulls need to defend. Trading outlet The Kobeissi Letter highlighted that the overall crypto market cap has shed more than $2 trillion since October 2025. In the near term, commentator Exitpump said every rebound in Binance’s perpetual contract order book is met with aggressive sell orders. As buying pressure tries to push prices higher, additional supply hits the upside — and sellers are currently in the driver’s seat. Trader Rekt Capital pointed out that on June 13, 2022 — a date during a bear market pullback — BTC touched the 200-week moving average. Four years later, in the 2026 bear market, BTC nearly hit that same line on the exact same date. He called BTC’s cyclical behavior “incredible.”