Bitcoin Drops Below $64K as Crypto Market Loses $2 Trillion

Bitcoin fell below $64,000 after Wall Street opened on Thursday, recording about a 13.5% weekly decline and its worst weekly performance of 2026. Prices reached their weakest levels since early February, and the total crypto market contracted by more than $2 trillion this week.

Market data showed BTC/USD trading near the 200-week simple moving average, in the low $61,000s, before a modest rebound. The 200-week SMA was reported around $61,626, a level some traders treat as a long-term trend reference.

Trader Daan Crypto Trades wrote that the market has resumed a broader downtrend that began in October last year and that attention had moved to the low $60,000s, with the weekly 200MA reinforcing that area as a focus for buyers.

Short-term order-book activity showed persistent selling pressure. Market commentator Exitpump wrote that every bounce met heavy sell orders on Binance perpetual contracts, which capped upward moves and left ‘sellers remain in control for now.’

Analyst Rekt Capital noted bitcoin reached the 200-week SMA on nearly the same calendar date as June 13, 2022, and described the occurrence in the context of four-year price cycles.

Research from the Kobeissi Letter reported that since October 2025 crypto markets have lost more than $2 trillion in market value, with losses broadening beyond bitcoin to other major tokens.

Traders and analysts identified $60,000 as the next major technical line for bullish support, with the weekly 200-week moving average in the low $61,000s as a secondary reference. Market participants noted momentum indicators and order-book depth as factors to watch to determine whether sellers press lower or buyers can stabilize prices above those levels.

For now, short-term rallies have repeatedly met selling pressure. Participants are watching price behavior around $60,000 and the weekly 200 SMA for indications of whether losses will deepen or a base can form.