Bitcoin Rallies on Better Macro News After Worst Week in Months

The largest cryptocurrency, BTC, experienced its worst week in months before rebounding on better macro news. The price of BTC whipsawed from nearly $73,000 to below $60,000 before recovering to around $63,500 by Saturday. This move pushed the price into a valuation zone typically seen near bear-market bottoms without triggering a full capitulation sell-off.

A small but symbolically important sale of 32 BTC by Michael Saylor's Strategy, a company with a 'never sell' stance on bitcoin, contributed to the market uncertainty. However, analysts say the recovery in BTC and other major cryptocurrencies was driven by easing Iran tensions, falling oil prices, and a broader risk-on rally in stocks.

The rebound in crypto followed a strong SpaceX debut on Nasdaq, which gave risk traders another reason to step back in. Bitcoin's 4.7% weekly gain hides the real move, as it fell to levels that look cheap on long-term valuation gauges without a forced-selling spiral. However, analysts say a durable turn higher still depends on stronger ETF inflows and renewed large-scale buying.