Bitcoin fell last week to its lowest weekly close since the second half of 2024, ending a run that stripped it of more than 8% of its value in seven days and lifting the overall cryptocurrency market to levels not seen since the beginning of this year.
remarkable pattern
The weekly relative strength index is holding higher lows even though prices are falling. This divergence was the last to appear before Bitcoin recovered from its 2022 bear market bottom.
It remains to be seen whether this similarity will play out in the same way, but it is the details that technical traders are currently watching most closely.
On Monday, as Bitcoin’s trading price fell below $62,000, Binance founder Changpeng Chao, also known as CZ, posted two lines on X. Bitcoin won’t be gone for very long, he wrote, and ended with a line from Douglas Adams — don’t panic, he ended with a big friendly letter. The message was short, purposeful, and timed to arrive at a time when people were emotionally at their weakest.
It won’t be long before Bitcoin is “dead.”
Don’t panic. With a big friendly letter.
— CZ 🔶 BNB (@cz_binance) June 9, 2026
Support is on hold at this time
Bitcoin has so far rebounded from the $60,000 level on each test over the past few days. The next resistance zone is between $65,000 and $66,200, with a heavier upper limit above it between $67,000 and $77,000.
Analysts said a break below $60,000 is not considered the most likely outcome in the short term given that the oversold signal has not yet been undone, but it would open the door to the $53,000 to $55,000 range.
The rest of the market fared even worse. Ethereum has fallen nearly 14% over the past seven days, most recently trading around $1,640. XRP fell 6% to $1.13. Mr. Solana gave up 14% on trades around $64.
CZ’s speaking moment
Zhao is one of the biggest advocates in the industry, and his Monday post came at a time when retail sentiment across crypto forums and social platforms was heavily negative. The market capitalization of the entire cryptocurrency sector has fallen to levels last seen in early 2026.
The $60,000 support level remains the line that most traders will be watching. So far it has held up, but with each test, more attention is focused on what happens next if it doesn’t.
Featured image from Unsplash, chart from TradingView
