Bitcoin Steadies Above $63,000 After Worst Week in Months
Bitcoin recovered from a sharp selloff to trade around $63,500 after falling below $60,000 for the first time since November 2024. The decline was triggered by Michael Saylor's Strategy selling 32 BTC, breaking its 'never sell' stance, which spooked traders amid weak risk appetite, rising Iran tensions, and geopolitical concerns. However, easing tensions and a strong SpaceX debut on Nasdaq helped risk assets recover. Bitcoin briefly entered a valuation zone associated with bear-market bottoms but avoided a full capitulation. Analysts caution that a durable recovery depends on stronger ETF inflows and renewed large-scale buying. The week saw bitcoin drop from nearly $73,000 to below $60,000 before rebounding, while other cryptocurrencies like Ether, Solana, and XRP also gained.
Key facts
- Bitcoin fell below $60,000 for the first time since November 2024, then rebounded to $63,500.
- Strategy sold 32 BTC for dividends, breaking its 'never sell' stance and rattling markets.
- Easing Iran tensions and SpaceX's strong Nasdaq debut fueled risk-asset recovery.
- Bitcoin entered bear-market bottom valuation zone but avoided full capitulation.
- Durable recovery hinges on ETF inflows and renewed large-scale buying.