Bitcoin Nears $62K as Adam Back Rejects BIP-110 Fork, Carjacking Plea Hits Court

Bitcoin News

Blockstream chief executive Adam Back has rejected the BIP-110 proposal outright, calling it technically flawed and warning that any attempt to force it through could fracture the network. Speaking on June 8, Back said the measure, which would restrict non-monetary data through a user-activated soft fork that bypasses miner agreement, lacks the backing needed to succeed. He argued that pushing such a change without genuine ecosystem support produces a minority chain rather than a real upgrade, summarizing his stance bluntly as "fork off and find out." The dismissal landed as debate over Bitcoin protocol changes intensified through early June.

Back drew a sharp contrast between BIP-110 and SegWit, the 2017 upgrade that secured broad developer and node-operator alignment after years of coordination. He maintained that SegWit achieved both technical and ecosystem agreement, while BIP-110 fails on both counts and would not even deliver the spam reduction its supporters promise. Michael Saylor separately flagged the proposal as a protocol threat, describing it as Bitcoin's largest self-inflicted risk. The exchange underscores how contentious soft-fork activation has become, with critics arguing that bypassing the established consensus mechanism sets a precedent the network's governance process does not recognize.

Price action offered little reassurance to bulls. Bitcoin slid toward $62,000 and printed fresh week-to-date lows at the Wall Street open on Tuesday, with roughly 1.2% downside on the session as sellers returned ahead of key US inflation data. A double rejection near $64,200 left the asset on course to retest the $60,000 region. Analyst Michaël van de Poppe identified $65,000 as the decisive level, noting it previously served as support after February's crash and now acts as resistance. A clean break above it, he argued, could trigger a run toward $72,000 to $74,000.

The broader structure increasingly mirrors past cyclical declines. Analyst Rekt Capital highlighted two parallels between current conditions and the lead-up to prior cycle bottoms in 2018 and 2022: Bitcoin has lost both its 50-month exponential moving average and the support of a multi-year triangle formation. He cautioned that confirming the breakdown could open the door to further downside acceleration. Such comparisons reinforce concern that the market has entered a deeper corrective phase, and the repeated failure to hold support keeps the bear market narrative firmly in play among technically focused traders.

Bitcoin's appeal as portable, high-value wealth continues to attract violent crime. A Missouri man, Saif Faiq, 22, pleaded guilty on June 8 in Hartford federal court to a robbery conspiracy tied to an attempted Bitcoin theft, a Lamborghini Urus carjacking, and the kidnapping of two people in Danbury, Connecticut. Prosecutors said the August 2024 scheme targeted the parents of someone linked to a separate theft involving hundreds of millions of dollars in BTC, using the relatives as leverage. The case reinforces why holders increasingly favor a cold wallet and strict operational privacy. Faiq faces up to 20 years at sentencing on August 28.

Faiq is not the only coordinator to reach a plea. Adam Iza, identified by the Department of Justice as his brother, pleaded guilty on June 1 to the same Hobbs Act robbery conspiracy charge, with prosecutors alleging he directed logistics, communicated with kidnappers through encrypted messaging, and provided funding. Six other defendants tied to the carjacking and kidnapping have also pleaded guilty. The Danbury record echoes a pattern of family targeting and identity exposure already documented in France, where so-called wrench attacks against crypto holders have escalated. For anyone perceived to control significant Bitcoin, the practical warning is increasingly direct.

Technically, Bitcoin trades near $60,945 after a 4.6% daily drop, sitting just under immediate support at $61,056 with deeper floors at $59,100 and $52,679. The RSI near 23.9 signals deeply oversold conditions that often precede relief bounces, yet the MACD remains bearish and the broader trend points down. Resistance clusters at $62,890, $64,728 and $68,191, aligning with van de Poppe's $65,000 pivot. A reclaim of $62,890 would ease pressure, while a daily close above $65,000 could invalidate the bearish thesis. Failure to defend $59,100, however, exposes the $52,679 region and confirms continued downside acceleration.