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

BlockBeats News, June 5th. After the U.S. stock market opened on Thursday, Bitcoin once again fell below $64,000, with a weekly decline of 13.5%, marking its worst weekly performance since 2026. BTC briefly fell 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 encountering a bearish retest in the $80,000 low range, remaining in a larger downtrend since October last year. He believes that the current market focus has shifted to whether $60,000 can hold as support. The low $60,000 range, combined with the 200-week moving average, will be a key area that the bulls need to defend.

Trading resource The Kobeissi Letter pointed out that the total market capitalization of the crypto market has evaporated by over $2 trillion since October 2025. In the short term, commentator Exitpump mentioned that each rebound in the Binance perpetual contract order book faces chasing sell orders. As buying pressure begins to drive the price up, more supply emerges on the upside, with sellers currently in control.

Trader Rekt Capital noted that on June 13, 2022, during a bear market pullback, BTC touched the 200-week moving average; and in the 2026 bear market, almost four years later, BTC once again touched that average on the same date. He believes that BTC's cyclical performance is "incredible."