Bitcoin posts its worst week since the 2022 FTX fallout, slides below $60,000

According to Huo Xing Finance, Bitcoin dipped below $60,000 last week, logging its weakest weekly showing since the 2022 collapse of crypto exchange FTX. Over the seven days through last Sunday, Bitcoin fell 16% and has now given back more than 50% from its 2025 record high above $126,000. Several market watchers caution the recent bounce may lack staying power, arguing the cycle bottom may still be ahead. Griffin Ardern, co-founder of Primal Fund, said the market remains far from a "true bottom." Flows data adds to the pressure: U.S. spot Bitcoin ETFs have posted net redemptions for 13 straight sessions, totaling about $5.5 billion. Bitcoin also broke below its 200-week moving average last week, a closely followed support level, further weighing on sentiment. Paul Howard, a senior executive at crypto trading firm Wincent, called conditions a "silent bear market," saying the breach of the 200-week moving average is a meaningful confirmation that the market has entered a bearish phase. Analysts cite persistent U.S.-Iran tensions, a pullback in expectations for Federal Reserve rate cuts, and strong U.S. jobs data as drivers pushing investors to reprice interest-rate expectations. Elevated rates tend to be a headwind for risk assets, including cryptocurrencies. Some capital is also rotating out of crypto into artificial intelligence and technology stocks. Even so, the current drawdown is still milder than in prior bear cycles, when Bitcoin often fell roughly 80% from peak levels versus about 50% this time. Traders warn that if macro conditions worsen and Bitcoin-heavy companies come under funding strain, downside risks could increase.