Bitcoin traded near weekly lows as selling pressure intensified, pushing the price toward a critical support level around $62,000. The cryptocurrency has failed to break above $65,000, a key threshold that analysts say bulls must reclaim to trigger a sustained upward rally.
According to trader Michaël van de Poppe, Bitcoin is currently stalling under the $65,000 mark, which previously acted as support before turning into resistance. Breaking past this level could potentially launch a rapid run toward the $72,000–$74,000 range. However, recent price moves suggest hesitation, with the market testing its resilience amid macroeconomic uncertainties, including upcoming US inflation reports.
Further technical signals indicate Bitcoin’s current trajectory mirrors previous bear-market behaviors. Analyst Rekt Capital pointed to the loss of the 50-month exponential moving average (EMA) and the breakdown of a key triangle support pattern. These signals replicate patterns seen during 2018 and 2022 bear markets, signifying potential for further downward momentum unless the market confirms a recovery above these benchmarks.
Last week’s dip to around $59,100 was described as a potentially irrational selloff by van de Poppe, who anticipates that the market could soon stabilize and reassess its lows. Nonetheless, caution continues as Bitcoin reverses divergently from major US stock indices which posted gains, highlighting an ongoing disconnect between crypto and traditional equities.
Simultaneously, oil prices declined amid renewed hopes for a US-Iran peace agreement, pushing WTI crude below $88 per barrel—its lowest since late May. This drop in oil coincided with Bitcoin’s weakness but contrasted with gains seen in the S&P 500 and Nasdaq Composite, reflecting mixed sentiment across global markets.