Bitcoin (BTC) surged past $66,000 on Monday, extending its 24-hour gain to over 5% as a short squeeze driven by rising open interest and negative funding rates pushed prices higher. The rebound followed weekend lows near $60,000, triggered by easing geopolitical tensions after a US-Iran deal. Meanwhile, SpaceX's stock soared 40% since its Thursday IPO, with the greenshoe option lifting total proceeds to $85.7 billion, making it the largest IPO on record. Market attention is shifting to the Federal Reserve's first policy meeting under new Chairman Kevin Warsh this week, though no rate change is expected. Analysts warn the rally may be temporary without macroeconomic easing, regulatory progress, and infrastructure adoption. Strategy (formerly MicroStrategy) purchased another 1,587 BTC at $63,024, increasing its holdings to 846,842 BTC, while keeping its $1.1 billion cash reserve untouched. The broader crypto market saw Ether, XRP, and Solana outperform Bitcoin, with Solana-focused stocks posting double-digit gains. Despite the bounce, Paul Howard at Wincent maintains a bearish outlook, citing three prerequisites for a sustained bull market: lower rates, regulatory clarity, and continued adoption.

Key facts

• Bitcoin bounced to $66,300 on short squeeze; open interest rose 4%, funding rate remained negative.
• SpaceX shares surged 40% post-IPO; greenshoe added $85.7B in total proceeds.
• Fed holds first meeting under Chair Kevin Warsh; no rate change expected this week.
• Strategy bought 1,587 BTC at $63,024; total holdings now 846,842 BTC.
• Analysts say sustained rally needs lower rates, regulatory progress, and RWA adoption.

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