Bitcoin logs its worst week since the 2022 FTX collapse, slips below $60,000

Bitcoin has dropped below $60,000, posting its weakest weekly performance since the 2022 collapse of crypto exchange FTX, according to Odaily Planet Daily. Over the seven days through last Sunday, the cryptocurrency fell 16%, leaving it down more than 50% from its 2025 record high of above $126,000. Market watchers are increasingly questioning whether the rally can hold. Griffin Ardern, co-founder of Primal Fund, said the market remains far from a "true bottom." Flows data is adding pressure: U.S. spot Bitcoin ETFs have seen net outflows for 13 straight trading sessions, totaling about $5.5 billion. Technical signals have also weakened. Bitcoin slipped below its 200-week moving average last week, a level widely viewed as a major support line, further denting sentiment. Paul Howard, a senior executive at crypto trading firm Wincent, called the current backdrop a "silent bear market," arguing that the break beneath the 200-week moving average is a meaningful confirmation that the market has entered a bearish phase. Analysts point to geopolitical and macro headwinds as key drivers, including the ongoing U.S.-Iran conflict, shifting expectations around Federal Reserve rate cuts, and strong U.S. employment data. The repricing of interest-rate expectations has reinforced a higher-rate environment, typically negative for risk assets such as cryptocurrencies. Some funds have also rotated from crypto into artificial intelligence and technology equities. Even so, the pullback remains milder than in prior bear cycles. Historically, Bitcoin has often retraced roughly 80% from peak to trough; this decline is closer to 50%. Some traders warn that further downside is possible if macro conditions worsen and companies holding large Bitcoin positions come under funding strain. (Bloomberg)