Bitcoin Sinked Below $60,000 in Its Worst Weekly Drop Since 2022
The $60,000 level that held through the February 2026 correction has now been breached, with the weekly candle still open.
Key Takeaways
- The next Fibonacci support below current price is $57,904.
- Weekly RSI at 32.07 has not been this low since 2022.
- 24-hour selling pressure remains active with no stabilization confirmed yet.
Bitcoin is trading at $59,880 at time of writing, having broken beneath $60,000 and currently trading below it for the second time since the February drop. The move comes after a weekly decline of 18%, the steepest single-week percentage loss since the FTX exchange collapsed in November 2022, which produced a 34% drop before price found a temporary floor. In the past 24 hours alone, Bitcoin shed another 5.5%, confirming the selling pressure has not yet stabilized.
Bitcoin broke above $60,000 in March 2024 during the ETF-driven rally and held it as support consistently from that point through to the cycle high at $126,000 and back down. The February 2026 correction tested the zone with an intraweek wick but recovered above it by the weekly close. The current candle is threatening to produce what February 2026 did not: a confirmed weekly close below $60,000 for the first time since the March 2024 breakout.
The Broader Market Is Falling With It
Bitcoin is not falling alone. Across the broader market, the weekly losses confirm this is a systemic selloff rather than an asset-specific event. Ethereum has shed 9.81% on the week and is now trading at $1,598, breaking below the psychologically significant $1,600 level. Solana is down 6.39% to $64.87, Dogecoin has lost 7.64% to $0.08224, and Stellar has dropped 9.90% to $0.1861.
XRP is off 4.64% at $1.11, BNB has fallen 4.53% to $577, and Hyperliquid leads the weekly losses among major assets at -13.58%, now trading at $58.60. TRON has held up relatively better at -3.10%.
What the Structure Shows
Current price at $59,880 is sitting just above the 0.618 retracement level at $57,904, the next meaningful structural support on the chart.
The 0.618 level matters because it represents the deepest retracement that historically remains consistent with an asset continuing its longer-term uptrend. A weekly close above $57,904 keeps that framework intact.
The weekly RSI at 32.78 with the signal line at 39.71 is approaching readings last seen during the confirmed bear market lows of late 2022. During the FTX collapse in November 2022, Bitcoin dropped 34.51% before finding its cycle floor near $16,000, with the weekly RSI reaching deeply oversold territory before any meaningful recovery began.
The current RSI trajectory is declining but has not yet reached those extreme readings, meaning additional downside remains technically possible before the weekly timeframe confirms a bottom signal.
The weekly candle is still open. Bitcoin has until the end of the current week to recover above $60,000 and reclaim the level as support. A close above it would register the current move as a wick, similar to what happened in February 2026. A close below it could confirm the first sustained weekly breakdown beneath $60,000 since the March 2024 breakout. Until the weekly candle closes, both outcomes remain on the table.
UPDATE
- Minutes after the drop under $60,000, Bitcoin’s price jumped back above the level and is now consolidating around $60,900.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
