Bitcoin (BTC) is currently testing the $60,000 mark once again, as traders remain divided on its future trajectory. This retest comes amid concerns that the leading cryptocurrency is on the verge of a rare three-straight quarterly decline.
Recent market data show that Bitcoin has experienced a significant downturn, having lost nearly 20% of its value over the past month and down more than 32% year-to-date. This decline has brought Bitcoin well below its all-time high of $126,080, achieved in October 2025. The prospect of a third consecutive negative quarter is particularly striking for an asset typically known for sharp, short-lived price fluctuations, reigniting discussions about potential shifts in the structural dynamics of the market.
At the latest update, Bitcoin was trading around $58,990, reflecting a decrease of approximately 1.26% over the previous 24 hours. Some traders are flagging potential support levels near the current price, suggesting the cryptocurrency may have the resilience to bounce back.
However, one widely followed analyst, Rekt Capital, is sounding alarm bells, expecting that Bitcoin’s current decline could deepen. He draws parallels between the current market conditions and Bitcoin’s brutal bear market of 2022, in which the price plummeted from near $40,000 to around $16,000 amid industry turmoil. Rekt Capital’s analysis hinges on the 50-month exponential moving average (EMA), a key long-term trend indicator that presently sits at about $65,600.
He suggests that if Bitcoin closes June below this EMA, it will convert previously supportive levels into resistance, paving the way for potential further declines into August. The bearish sentiment dominates the technical landscape at present, as Bitcoin continues to trade beneath this moving average.
As the cryptocurrency market remains tumultuous, the response from both traders and analysts will be closely watched as the situation unfolds in the coming weeks.
