Key points:

• It’s about that $60K level
• Friday’s selloff contained
• Prices move higher Monday

Big test looms for the flagship coin. The $60,000 mark could be a make-or-break moment.

🪙 Bitcoin Seeks Its Footing

• Bitcoin stabilized above the closely watched $60,000 level in early Monday trading, climbing as much as 3.8% to nearly $64,200 before settling around $63,000. Ether joined the rebound, rising more than 3% to roughly $1,680.
• The bounce comes after a brutal week that saw Bitcoin tumble to $59,100 on Friday, its lowest intraday level since October 2024. It was also the cryptocurrency’s worst weekly performance since the depths of the crypto winter back in 2022.
• Traders today are breathing a little easier. But after losing roughly half its value from last October’s peak above $126,000, Bitcoin remains firmly in fragile recovery mode rather than celebration mode.

🏦 Saylor Changes the Narrative

• Last week’s selloff was intensified by news that Strategy, the Bitcoin-hoarding company founded by Michael Saylor, sold a portion of its holdings, 32 BTC, to be exact. The move rattled a market built partly on the belief that Strategy would simply keep buying forever.
• Strategy shares dropped about 7% on Friday, while other crypto-linked stocks joined the slide. Crypto exchange Coinbase fell roughly 7%, and stablecoin issuer Circle shed more than 11% as risk appetite evaporated.
• Sentiment improved after Saylor hinted over the weekend that more Bitcoin purchases could be on the horizon. That signal helped calm nerves and reminded traders that one of the market’s biggest sources of demand may not be stepping away after all.

⚔️ $60K: The Key Battleground

• The $60,000 threshold is now the support level everyone is watching. In technical analysis, support is a price zone where buyers have historically stepped in. Hold it, and confidence can rebuild. Lose it, and sellers may start pressing harder.
• Bitcoin’s decline was fueled by more than just Strategy. Red-hot jobs data, ETF outflows, renewed tensions in the Middle East, and concerns about the sustainability of crypto treasury strategies all combined to pressure prices.
• Monday’s gains briefly faded after reports of Israel’s retaliatory strikes against Iran, highlighting how sensitive crypto remains to broader market risk.

Source: Tradingview