Bitcoin bulls' fate rests on $60K support as crypto erases $2T in market cap
SkimNews Take
The current price action, mirroring the 2022 bear market pattern, suggests that even with a significantly larger market cap, Bitcoin's price discovery remains highly susceptible to technical support levels rather than fundamental shifts in adoption or utility.
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- Bitcoin fell below $64,000 after Thursday’s Wall Street open, leaving bulls with a 13.5% weekly loss.
- Daan Crypto Trades highlighted $60,000 as the “line in the sand” support level that bulls must defend.
- Rekt Capital noted that Bitcoin is trading near its 200‑week simple moving average of $61,626, echoing the 2022 bear‑market pattern.
- The Kobeissi Letter reported that crypto markets have erased more than $2 trillion in market‑cap since October 2025.
- Exitpump observed that each price bounce is met with a wall of chasing asks on Binance perpetuals, keeping sellers in control.
Why it matters: Institutional investors holding Bitcoin face deeper losses as the $60K support test could trigger further sell‑offs, while short sellers profit from the bearish momentum and the $2 trillion market‑cap erosion pressures crypto‑related funds.
