Bitcoin wrapped up the week of June 5, 2026, with a significant drop of nearly 20%, marking its steepest single-week percentage decline since the FTX collapse in November 2022. The last time the market experienced a candle this red, it coincided with the cycle bottom. However, the current situation is more complex this time around since Bitcoin is responding to a mix of institutional selling pressure, ETF weakness, and waning confidence following an unsuccessful attempt at a recovery over $82,000. Bitcoin’s price action in the first week of June marked one of the most significant weeks in its history. BTC commenced the week at approximately $73,760, momentarily surged to a peak of $74,092, before declining to a low near $59,130, as reported.
The move translates to a decline of about 19.5% from the weekly open to the low and 20.1% from the high to the low, marking Bitcoin’s worst weekly percentage drop since the FTX crash in 2022, when the price fell by roughly 22% in a single week. However, there is also a note regarding the candle’s position within the market structure. During the FTX collapse, the intense weekly movement followed months of selling pressure and ultimately occurred near the final bear-market bottom. The current decline is manifesting after Bitcoin has already shed a significant portion of its value from the October 2025 all-time high exceeding $126,000. At this time, Bitcoin is trading at $62,150, positioning it approximately 50.7% below its peak.
The similarity does not guarantee that the market has reached a bottom, but it does raise the possibility that the latest weekly price crash is moving into the kind of final-washout zone that followed FTX’s crash. That angle is being overlooked by many analysts, particularly as numerous forecasts continue to indicate a sustained bear market that may extend into at least Q4 2026. Crypto analyst highlighted that Bitcoin has now dipped below the 4% quantile on the Bitcoin Porkopolis Power Law Quantile Regression model. The chart indicates that Bitcoin’s current quantile is approximately 3.9%, suggesting that the asset is trading in a range that has been observed in less than 4% of its historical price movements in relation to its long-term growth trajectory.
The Power Law model serves as a long-term valuation tool and can additionally function as a reversal signal. Every prior instance in which the quantile oscillator reached this level, as shown in the chart from 2015, 2018/2019, and the 2022 bottom, has been followed by significant multi-year recoveries. Bitcoin has the potential to remain undervalued for an extended period, particularly when momentum is lacking and forced selling occurs. Nonetheless, the metric indicates that Bitcoin is currently much nearer to the lower regression bands compared to the overheated upper bands observed during previous cycle peaks.