Bitcoin extended its recent losses on Tuesday, falling toward weekly lows near $62,000 as analysts warned that the cryptocurrency continues to mirror price patterns seen during previous bear markets.
The world’s largest cryptocurrency came under renewed selling pressure ahead of key U.S. inflation data, with traders closely watching whether the critical $60,000 support level can hold.
Market data showed Bitcoin declining around 1.2% during Wall Street trading hours after facing a second rejection near the $64,200 level. The latest setback has increased concerns that sellers remain firmly in control of short-term price action.
Crypto analyst Michaël van de Poppe said Bitcoin must reclaim the $65,000 level before bulls can regain momentum.
According to his analysis, a successful break above $65,000 could pave the way for a recovery toward the $72,000–$74,000 range. However, he noted that the level, which previously acted as support earlier this year, has now become a major resistance zone.
Despite the weakness, Van de Poppe suggested that last week’s drop to around $59,100 may have been an overreaction and questioned whether the recent lows will remain intact for long.
Meanwhile, market analyst Rekt Capital highlighted similarities between Bitcoin’s current structure and previous bear markets in 2018 and 2022.
According to the analyst, Bitcoin has broken below both its 50-month exponential moving average (EMA) and a key triangle support pattern technical developments that preceded deeper declines during previous market downturns.
Analysts caution that if these breakdowns are fully confirmed, Bitcoin could face additional downside pressure in the near term.
While Bitcoin weakened, broader financial markets showed signs of resilience. Major U.S. stock indices, including the S&P 500 and Nasdaq Composite, opened higher, diverging from cryptocurrency performance.
At the same time, oil prices moved lower amid renewed optimism over a potential U.S.-Iran agreement. U.S. President Donald Trump expressed confidence that a deal could be reached soon, fueling expectations of increased oil supply.
As a result, West Texas Intermediate (WTI) crude fell below $88 per barrel, its lowest level since late May.
Market participants are now focused on upcoming U.S. inflation figures and Federal Reserve policy expectations, both of which could significantly influence risk assets, including cryptocurrencies, in the coming weeks.
