The trend is set, and the bulls’ last line of defense is beginning to collapse.

Bitcoin is currently trading around $60,800. After bumping into the $60,800 pressure level, it rebounded to below $60,800.

**Price breakdown:** As of July 2, Bitcoin is at $58,670, down another 1.39% over the day. During the Asian session on July 1, it briefly fell to $57,742, a 21-month low since September 2024. Over the past 30 days, it has dropped more than 20%, and year-to-date it is down more than 33%. The pullback from the historical high of $126,000 exceeds 53%.

**Technical breakdown across the board:** Bitcoin has fallen below the 200-week moving average ($62,412)—the first time since October 2023. The last time the weekly close was below this average, Luna, Voyager, and FTX collapsed in succession. The current price is now below all major moving averages, including the 7-day, 20-day, 50-day, and 200-day. On the daily chart, the lower Bollinger Band is at $57,654. If $57,800 is lost, buy-side support is thin down to $55,000. Historical bear-market patterns suggest that if current support cannot hold, the potential downside target points to $45,000.