Bitcoin slumped below $61,500 on Monday, continuing a tough run that has seen more than 8% of Bitcoin’s value disappear over the past seven days, pushing the cryptocurrency’s total market capitalization down to levels not seen since the beginning of the year.
In such an environment, Qiao Changpeng, the founder of Binance and one of the most followed voices in the entire crypto industry, chose Monday morning to post a short, purposeful, and well-timed message, clearly with intent.
“Bitcoin isn’t going away for long,” CZ wrote to X in a large, friendly letter, adding a reference to the phrase made famous by Douglas Adams: “Don’t panic.”
Bitcoin price analysis:
Bitcoin has hit new lows, closing last week at its lowest weekly candlestick close since the second half of 2024, but the weekly RSI is holding even higher lows. This combination of momentum being maintained and price falling is the same pattern that followed before Bitcoin recovered from its 2022 bear market lows.
It won’t be long before Bitcoin is “dead.”
Don’t panic. With a big friendly letter.
— CZ 🔶 BNB (@cz_binance) June 9, 2026
In the short term, Bitcoin has been holding the $60,000 level as support and has rebounded cleanly from that zone over the past few days. The immediate resistance to watch is between $65,000 and $66,269, with a larger barrier above that between $67,000 and $77,000.
The assets surrounding Bitcoin tell a consistent story of a market under pressure but not collapsing. Ethereum is trading at $1,641, down nearly 14% in seven days. XRP fell 7% over the same period to $1.13. Solana gave up 15% to trade at $64.
Downside risk below $60,000 cannot be ruled out, but considering the oversold signal is still unwinding, it seems unlikely in the short term. If it eventually breaks out of that level, the next meaningful support would be in the $53,000 to $55,000 range.
