Bitcoin Bounces Back Above $63,000 as Macro Rescue Lifts Risk Assets

Bitcoin steadied above $63,000 after a tumultuous week that saw it drop to levels not seen since November 2024. The largest cryptocurrency had fallen below $60,000 for the first time in over two years before rebounding to around $63,500 by Saturday, according to CoinDesk data.

The recovery came as tensions between the US and Iran eased, oil prices fell, and SpaceX's debut on the Nasdaq was successful. This helped risk assets recover, with Bitcoin rising 4.7% for the week and other major cryptocurrencies also seeing gains.

A small but symbolically important sale of 32 BTC by Michael Saylor's Strategy also contributed to the market's volatility. The company, which has been vocal about its 'never sell' stance on bitcoin, sold the coins to fund dividends on its STRC preferred shares. This sale was seen as a change in behavior and raised questions about Strategy's commitment to holding onto its massive BTC pile.