🚩 Bitcoin slips testing important support zone amid cyclical crypto market weakness

Bitcoin fell below $73,000 today despite continued gains in equity markets, reinforcing the seasonal weakness often seen ahead of the summer period. Likewise, 2026 has so far proven challenging for the broader cryptocurrency industry. Sui, the low-fee blockchain developed by Mysten Labs, suspended transaction processing for a second consecutive day, raising further concerns about the sector.

Bitcoin's price has now declined close to the 200-week exponential moving average (EMA). Looking at previous market cycles, BTC traded below this level during the March 2020 crash, the middle of the 2022 bear market, and again in February 2026. A drop back below $72,000 could signal renewed market weakness and increase the likelihood of a retest of local lows around $60,000.

If Bitcoin fails to regain momentum and rebound toward $80,000 in the near term, a bearish scenario becomes increasingly plausible. Recent on-chain data from CryptoQuant points to a significant decline in whale buying activity, a pattern that also emerged during the cyclical weakness observed in the spring of 2022.

Bulls need to demonstrate strength quickly to relieve the pressure on the "king of cryptocurrencies."

Bitcoin chart (W1 timeframe)

Source: xStation5

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