Bitcoin Rebounds to $64,000 as Macro Forces Reverse Course

Bitcoin's price volatility continued into the weekend as it narrowly escaped breaking below $60,000 for the first time since the November 2024 US election. The largest cryptocurrency had opened near $73,000 last Sunday before plummeting to around $63,500 by Saturday, according to CoinDesk data.

The week's price action was exacerbated by a sale of 32 BTC from Michael Saylor's Strategy on June 1, which some market commentators believe may have been a deliberate signal to demonstrate 'normal' treasury behavior and support the company's potential inclusion in the S&P 500 index. The company had previously met the technical requirements for S&P 500 inclusion but was passed over.

The recovery came from improved macro news, including President Trump's announcement that the US had effectively ended the war with Iran, which pushed Brent crude prices down to around $85. This was accompanied by a rally in tech stocks, led by SpaceX's 19% debut pop on its Nasdaq listing.