Bitcoin Rebounds Above $63,000 Amid Macro Rescue

BTC has rebounded above $63,000 after a volatile week that saw it drop to nearly $60,000. The largest crypto entered a valuation zone typically associated with bear-market bottoms but did not trigger a full capitulation sell-off.

A small sale of 32 BTC by Michael Saylor's Strategy, which has long held a 'never sell' stance, contributed to the decline in risk appetite and rising geopolitical concerns. However, easing Iran tensions and falling oil prices helped risk assets recover, with BTC rebounding to around $63,500.

The recovery was also driven by the successful listing of SpaceX on Nasdaq, which rallied 19% from its offer price. Other major cryptocurrencies such as ETH, SOL, BNB, DOGE, and XRP also gained between 4.2% and 9.5% over the week.

However, analysts say a durable turn higher for BTC still depends on stronger ETF inflows and renewed large-scale buying. The market's response to the sale of 32 BTC by Strategy raises questions about Saylor's stance on never selling BTC, with some speculating that it may have been done to help the company meet index inclusion requirements.