BlockBeats News, June 5th — Bitcoin fell below $64,000 again after the U.S. stock market opened on Thursday, with a weekly decline of 13.5%, marking its worst weekly performance since 2026. BTC previously dropped 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 a bearish retest in the $80,000 low range and has been 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 overlapping with the 200-week moving average will be a key area that bulls need to defend.

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

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