Bitcoin Holds $61.8K 200-Week SMA as NY Court Stays 39,069 Wallet Lawsuit

Bitcoin News The New York Supreme Court has paused all proceedings in the high-profile case seeking ownership of 39,069 dormant Bitcoin wallets, blocking any move toward default judgment ahead of a July 14 hearing in Manhattan. Justice Kathy J. King signed the order to show cause on June 4, with the docket publicly filed the following day. The stay explicitly covers the plaintiffs' declaratory judgment claim and any related applications for inquest. Oral argument is scheduled for 10:30 a.m. in Part 6 of the New York County courthouse at 60 Centre Street. King also struck the words "and determination" from boilerplate stay language, deliberately narrowing the freeze to the hearing itself. A proposed amicus brief filed by attorney Ian R. Cohen has emerged as the central legal pivot, contending that New York's lost-and-found statute cannot govern assets secured by cryptographic private keys. The plaintiffs, operating under the caption ABC Company, XYZ Company and Noah Doe versus 39,069 John Doe defendants, are leveraging Personal Property Law Article 7-B to claim ownership of addresses whose holders have not signed transactions in years. The statute has never been applied to on-chain digital assets, and the filing argues that abandonment doctrine collapses when ownership is mathematically tied to control of a private key rather than physical possession of property. The scope of the claim is unprecedented in crypto litigation. Independent research previously estimated that the 39,069 addresses collectively hold roughly 3.8 million BTC, a sum worth approximately $234 billion at current prices and once valued near $293.5 billion when the lawsuit first gained traction. Among the named defendant addresses is the 1Feex cold wallet, which controls roughly 80,000 BTC long suspected to trace back to a 2011 exchange theft. The complaint itself, citing an unnamed expert, values each wallet at under $10 due to recovery uncertainty, an assessment that diverges sharply from on-chain market value. On the price front, Bitcoin defended its psychological $60,000 floor over the weekend, rebounding 6.5% from a local low near $59,100 to an intraday high around $62,950 on Sunday. The recovery played out against a sharp risk-asset reset, with the tech-heavy Nasdaq Composite plunging more than 4% on Friday in its steepest one-day decline since April 2025. Traders on major exchange venues interpreted the contrasting moves as a sign that capital may be rotating back into digital assets after months of tight correlation with equities. BTC's ability to absorb selling pressure near $59K is now viewed as structural validation of the broader uptrend. The technical anchor is the 200-week simple moving average sitting at approximately $61,880, a level that has historically marked cycle bottoms in 2015, 2018 and 2020. Veteran analysts highlight that BTC reclaiming and holding this band reframes the recent dip below $60,000 as a textbook shakeout rather than a structural break. Above current candlestick ranges, the 50-week SMA near $92,630 stands as the next major upside target, implying roughly 50% upside if momentum reasserts. The Bitcoin-Nasdaq ratio has also pushed into an oversold zone on daily RSI readings, reinforcing the mean-reversion thesis. The macro overlay focuses on the Nasdaq's weekly relative strength index, which slid to 62.46 from roughly 74.75. Every confirmed weekly RSI move from above 70 to below 70 since 2021 has dragged the index back toward its 20-week SMA, currently near 22,905. If that fractal repeats, the Nasdaq could shed another 10.75% through June and into July. Such a decline would not necessarily drag Bitcoin lower; instead, the cooling equity backdrop could free up risk capital and seed a sharp bull market rebound in BTC, particularly if the 200-week SMA continues to hold as durable support. BTC trades at $61,779 with 24-hour gains of 1.48%, sandwiched between immediate support at $61,056 and resistance at $61,826. A daily RSI of 19.74 marks deeply oversold territory, the kind of reading that has preceded sharp counter-trend rallies even within broader corrections. The MACD remains bearish and the prevailing structure is a downtrend, meaning attempts into the $64,153 and $68,191 resistance bands should be treated as supply until decisively reclaimed. A clean weekly close beneath $59,178 would invalidate the reversion thesis and open the door toward the $52,679 macro support pivot.