Bitcoin has fallen back below $61,500 on Monday, extending a punishing stretch that has now erased more than 8% of its value over the past seven days and pushed the total crypto market cap down to levels not seen since the early part of the year.
Into that environment, Changpeng Zhao, the founder of Binance and one of the most followed voices in the entire cryptocurrency industry, chose Monday morning to post a message that was short, deliberate and timed with obvious intent.
“Bitcoin won’t be dead for too long,” CZ wrote on X, adding a reference to the phrase made famous by Douglas Adams: don’t panic, in large friendly letters.
Bitcoin Price Analysis:
Bitcoin has printed lower lows in price, closing last week at its lowest weekly candle close since the second half of 2024, but the weekly RSI is holding higher lows. That combination, price falling while momentum holds, is the same pattern that preceded Bitcoin’s recovery out of the 2022 bear market low.
In the shorter term, Bitcoin is holding the $60,000 level as support, bouncing cleanly from that zone over the past several days. The immediate resistance to watch sits between $65,000 and $66,269, with the more significant barrier between $67,000 and $77,000 above that.
The assets surrounding Bitcoin tell a consistent story of a market under pressure but not in collapse. Ethereum has shed nearly 14% over seven days, trading at $1,641. XRP is down 7% over the same period at $1.13. Solana has given up 15% to trade at $64.
The downside risk below $60,000, while it cannot be ruled out, is considered less likely in the immediate near term given the oversold signals that are still unwinding. If that level does eventually break, the next meaningful support sits in the $53,000 to $55,000 range.
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