[Digital Today reporter Yoonseo Lee (이윤서)] Bitcoin slid back below $64,000, entering its biggest weekly drop so far this year.

Cointelegraph, a blockchain outlet, reported on Wednesday local time that the market is focusing on whether the $60,000 level can remain as support.

Based on TradingView data, bitcoin fell below $64,000 after Wall Street opened that day. Its weekly decline reached 13.5 percent. The recent fall pushed bitcoin to its lowest level since early February, and at the low it dropped back to the 200-week simple moving average (SMA).

The market sees the area as a turning point that could determine whether prices fall further rather than stage a short-term rebound. Trader Daan Crypto Trades pointed to a key zone in the low $60,000s, saying the downtrend has continued after a bearish retest in the low $80,000s. He mentioned the weekly 200-week SMA also runs through that area.

Selling dominance was also seen in short-term flows. Market commentator Exitpump said that on Binance's perpetual futures order book, chase-selling orders are piling up like a wall each time prices try to rebound. He explained that when buying begins to push prices higher, additional supply appears overhead, limiting gains. It means selling pressure is acting more strongly even if rebound attempts continue at current levels.

The pressure is also compounded by the fact that it is not only a bitcoin issue. According to tallies by market analysis firm The Kobeissi Letter, the total cryptocurrency market capitalisation has shrunk by more than $2 trillion since October 2025. As risk aversion persists across the market, bitcoin is also failing to create its own momentum for a rebound.

On technical indicators, the 200-week SMA has re-emerged as a key gauge. The line is currently around $61,626. Trader and analyst Rekt Capital recalled that on June 13, 2022, bitcoin reached the 200-week SMA during a bear-market correction. With bitcoin retesting the same long-term indicator again, attention is focused on whether its four-year cycle trend is continuing.

The market's key points are narrowing into two. One is whether the low $60,000s actually function as support, and the other is whether, even if a rebound emerges, it can absorb selling orders above in the futures market. For now, signals continue to show sellers are exerting stronger control than short-term rebound attempts. That raises the likelihood that whether the 200-week SMA and the $60,000 level hold will determine bitcoin's short-term direction.

$BTC Continuation down after that bearish retest in the low $80Ks region. Clearly still a bigger down trend this has been in since October last year. The big question will be whether this will turn into a range between ~$60K-$80K or if the $60K support gives in at some point… https://t.co/kVAdF6agQi pic.twitter.com/twRYMq7F9L