Bitcoin Price Rebounds After Weekend Low But Bears Remain in Control

Bitcoin's recent price action suggests the market has entered a relief phase after an extreme liquidation event.

According to CoinGecko data, Bitcoin traded near $62,700 on June 8 after briefly falling below $60,000 on June 6. The rebound followed one of the cryptocurrency's weakest stretches this year, with BTC losing nearly $19,000 in 10 days and posting a weekly decline of about 14.6%.

The market was put under pressure by the US Labor Department's report of 172,000 nonfarm payroll additions for May, which exceeded expectations. Additionally, BNP Paribas abandoned its previous forecast for stable interest rates and projected three Federal Reserve rate hikes beginning in December.

Analysts warn that the market may not have fully confirmed a new uptrend. CryptoQuant contributor Darkfost reported that realized losses since the October peak have reached roughly $174 billion, still below the $211 billion recorded during the 2022 bear market. A similar warning came from market commentator Ardi, who said retail investors have continued buying dips while larger participants distribute supply during relief rallies.

From a price structure perspective, Bitcoin's defense of $60,000 remains the most important development. A sustained hold above that area could allow buyers to target the 9-day simple moving average near $65,300. Failure to maintain support above $60,000 would strengthen the bearish case outlined by Darkfost and Ardi.