Bitcoin drops below 200-week moving average for first time since 2022 bear market

Bitcoin just tripped a wire that hasn’t been triggered since the depths of the 2022 bear market. The leading cryptocurrency confirmed a weekly candle close below its 200-week moving average in late June 2026, with spot prices trading in the $58,000 to $62,000 range while the 200W MA sat between roughly $61,626 and $62,446. Why the 200-week moving average matters The last time Bitcoin closed a weekly candle beneath this level was June 2022. What followed was a slide below $22,000 and a stretch of more than a year trading under the average before finally reclaiming it in October 2023. The 200W MA has aligned with bear-market lows across multiple cycles, including 2015, 2019, and 2022. In each case, Bitcoin eventually bounced off or near this level, but not before inflicting serious pain on leveraged traders and late-cycle buyers. The average has functioned as dynamic support during bull phases and as a gravitational floor during capitulation events. Macro pressure is making things worse Bitcoin didn’t stumble below this threshold in a vacuum. A strong May payrolls report reshuffled expectations around Federal Reserve rate cuts, pushing yields higher and risk assets lower. In early Ju...