Key HighlightsBitcoin experienced its sharpest weekly decline since the November 2022 FTX meltdown, plummeting 16% to slip under $60,000Escalating military confrontation between the US and Iran drove BTC down an additional 3% on June 9BTC pierced its 200-week moving average, signaling potential bearish market conditionsUS spot Bitcoin ETFs have hemorrhaged more than $5.5 billion through 13 consecutive days of withdrawalsMarket analyst Ted Pillows projects further decline toward the $50,000–$52,000 range before establishing a cycle floorBitcoin plunged beneath the $60,000 threshold last Friday, concluding its most devastating week since the spectacular implosion of FTX exchange in November 2022. The cryptocurrency registered a brutal 16% contraction across seven days, representing the most severe weekly deterioration witnessed in more than two years.Bitcoin (BTC) PriceAs of current market data, BTC was exchanging hands near $61,500, remaining more than 50% below its historic peak above $126,000.The selling intensified dramatically on June 9 following an announcement from US Central Command regarding “self-defense” military operations targeting Iran. These strikes came in response to the downing of a US Army Apache helicopter in proximity to the Strait of Hormuz. Bitcoin tumbled 3% immediately following the announcement, touching $61,766.President Trump acknowledged the incident via Truth Social, declaring: “The United States must, of necessity, respond to this attack.” Iranian officials have rejected claims of deliberately targeting the helicopter."I have just been informed by our Great Military that last night the Iranians shot down one of our highly sophisticated Apache Helicopters while patrolling over the Strait of Hormuz. There were two pilots involved, both are safe and uninjured. Nevertheless, the United States… pic.twitter.com/yMGXqG89ax— The White House (@WhiteHouse) June 9, 2026Cryptocurrency long positions faced liquidations totaling $136 million during the 24-hour period after the military announcement, with Bitcoin representing the lion’s share of these forced closures, according to data compiled by CoinGlass.Strategy’s Unexpected Sale and Critical Technical BreakdownCompounding the negative sentiment, Strategy Inc. — the Bitcoin-accumulating enterprise led by Michael Saylor — liquidated a modest portion of its cryptocurrency reserves, undermining the prevailing market assumption that the company would maintain perpetual holding status. Although Strategy rapidly acquired 1,550 BTC for approximately $101 million, the psychological impact on market confidence had already materialized.Bitcoin additionally breached its 200-week moving average during the previous week, a technical threshold monitored intensively by market participants. Paul Howard from cryptocurrency trading operation Wincent characterized it as “important confirmation that markets may have entered a bear phase.”Griffin Ardern, co-founder of Primal Fund, noted that longer-duration options contracts have yet to display the optimistic repositioning characteristically observed at authentic market troughs. “I believe there is further downside,” he stated. “We are still some way off a proper bottom.”Retail Accumulation Versus Whale HesitationBlockchain analytics provided by Santiment reveal a divergence between smaller and larger cryptocurrency holders. Wallets containing fewer than 0.01 BTC expanded their positions by 0.36% throughout the past fortnight, despite Bitcoin’s struggle to maintain the $60,000 level. Conversely, wallets holding between 10 and 10,000 BTC decreased their positions by 0.20%. TL;DR: Small $BTC traders keep buying dips, while whales slowly offloading Metrics Used: Supply Distribution Chart link: https://t.co/3WXE2N6Yid Our on-chain research indicates that retail investors continue to view every Bitcoin dip as a buying opportunity. Over the… pic.twitter.com/IdOgAcV6ob— Santiment Intelligence (@SantimentData) June 9, 2026Analyst Ted Pillows contributed his perspective on X, emphasizing that no Bitcoin cycle trough has historically materialized above the “Realized Price,” presently positioned at $53,000. He suggested BTC will “most likely drop towards $50,000–$52,000 before a cycle bottom.”No $BTC bottom has happened above its "Realized Price" which currently sits at $53,000.IMO, Bitcoin will most likely drop towards $50,000-$52,000 before a cycle bottom. https://t.co/yPdba96Kww pic.twitter.com/1FGt2GCgdm— Ted (@TedPillows) June 9, 2026US-traded spot Bitcoin ETFs have now registered $5.5 billion in aggregate net withdrawals spanning 13 uninterrupted days.The post Bitcoin (BTC) Plunges to Worst Weekly Loss Since FTX Collapse Amid Geopolitical Turmoil appeared first on Blockonomi.