Bitcoin price slips near $62K as bear-market support fails and $65K key pivot
Bitcoin price is slipping toward $62K and retesting local lows as bear-market patterns repeat. At the Tuesday Wall Street open, BTC/USD hit week-to-date lows, with analysts pointing to $65,000 as the level bulls must reclaim. Trader Michaël van de Poppe said breaking above $65K could trigger a run toward $72K–$74K, noting that the prior support from early February has flipped to resistance.
Sell-side pressure returned ahead of key US inflation data. After a double rejection around $64,200, BTC/USD is set for another test of the $60,000 support zone. Rekt Capital flagged technical similarities to prior cycle lows, saying BTC/USD has already lost its 50-month EMA and the support of a triangle structure—patterns seen in 2018 and 2022. He added that Bitcoin needs to fully confirm the breakdown to accelerate downside.
Macro context remains fragile. Bitcoin price moved lower while US stocks (S&P 500 and Nasdaq) opened higher, suggesting continued crypto-vs-equities divergence. Oil also fell on renewed hopes of a US-Iran peace deal; WTI crude dropped below $88 per barrel, its lowest since May 29.
Key figures to watch for trading: $64,200 (rejection area), $60,000 (major support test), and $65,000 (bulls’ pivot).
Bearish
The article frames Bitcoin price as still trapped in a repeating bear-market pattern: BTC/USD is losing key technical supports (50-month EMA and triangle support) and is now approaching a major test near $60,000 after rejecting $64,200. With bears still steering structure, the market’s near-term risk is downside follow-through until bulls can reclaim $65,000.
This is similar to prior cycle breakdown behavior highlighted by Rekt Capital (2018/2022), where support failures often precede bearish acceleration. The macro note—Bitcoin price diverging from US equities while oil slides on renewed US-Iran peace hopes—suggests risk appetite is not firmly supportive for crypto. Traders are likely to treat $60,000 as a trigger zone: a clean hold could prompt bounce attempts, but a breakdown would strengthen bearish positioning. Over the long term, reclaiming $65,000 and sustaining above it would be the more credible signal that the bear-market phase is weakening; until then, rallies may be sold, keeping volatility elevated.