Bitcoin bulls' fate rests on $60K support as crypto erases $2T in market cap

Written by William Subergstaff writerReviewed by Allen Scottstaff editorWritten by William Subergstaff writerReviewed by Allen Scottstaff editorBitcoin bulls' fate rests on $60K support as crypto erases $2T in market capMarketsPublishedJun 4, 2026Bitcoin continued "incredible" 2022 bear market repeat behavior as sellers kept control over BTC price rebound attempts.Bitcoin (BTC) returned below $64,000 after Thursday’s Wall Street open as bulls nursed 13.5% weekly losses.Key points:Bitcoin struggles 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 with a key trend line closely mimics the 2022 bear market.Bitcoin "sellers remain in control" as $60,000 nearsData from TradingView showed BTC price strength barely recovering after a slide to its lowest levels since early February.BTC/USD one-hour chart. Source: Cointelegraph/TradingViewBTC/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 that 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.BTC/USDT perpetual contract one-day chart. Source: Daan Crypto Trades/XTrading resource The Kobeissi Letter noted that since October 2025, crypto markets had shed more than $2 trillion in market up.Total crypto market cap one-week chart. Source: Cointelegraph/TradingViewOn 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 to…

Bitcoin bulls' fate rests on $60K support as crypto erases $2T in market cap

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