Bitcoin Rebounds After Briefly Dropping Below $60,000

After piercing the $60,000 mark twice in the past 48 hours, Bitcoin is recovering rapidly thanks to strong bargain-hunting demand. This afternoon, the world’s largest cryptocurrency traded above $62,200, up about 5% from the week’s low.

The move has eased some fears of a deeper sell-off and reaffirmed that $60,000 remains an important psychological support level. However, the question remains whether Bitcoin can sustain the recovery when the US stock market reopens early next week or will soon lose that support entirely.

Bitcoin just endured its worst trading week in years. From an opening level of $72,000, the price quickly plunged to $66,000 after news that Strategy — the world’s largest holder — reduced its Bitcoin holdings for the first time since 2022. The amount sold represented only 0.004% of the BTC they hold, but the market reacted strongly because the move contradicted Strategy CEO Michael Saylor’s “never sell” stance.

The selling pressure continued through June 6, causing Bitcoin to breach $60,000 twice and briefly fall to $59,100. Compared with prices earlier this year, the cryptocurrency has lost about 29% of its value. From the all-time high of $126,000 set in October 2025, the decline is more than half.

Bitcoin weekly price chart. Photo: Tradingview

Besides Strategy’s action, part of the correction stemmed from the US jobs report released at the end of the week, which shifted market expectations from a Federal Reserve rate cut to the possibility of rate hikes. That pushed government bond yields and the US dollar higher, putting pressure on risk assets.

In addition, the world’s largest cryptocurrency was affected by investors rotating capital into hot AI stocks and awaiting major IPOs such as SpaceX.

Despite the market turbulence, many crypto experts remain optimistic about the coming months. Geoffrey Kendrick, head of digital assets research at Standard Chartered, maintained his forecast that Bitcoin will reach $100,000 by year-end. He said the crypto just endured a harsh week, but the positions that needed to be liquidated have fallen considerably. He expects Strategy to buy back soon as it has after previous sell-offs.

“When Bitcoin hits $100,000 by year-end, we will say $60,000 was the buy zone everyone had been waiting for,” Kendrick wrote.

Phuong Dong (via Reuters, CoinDesk)