After twice falling below the $60,000 mark in the past 48 hours, Bitcoin is recovering thanks to strong "bottom-fishing" demand. This afternoon, the largest cryptocurrency traded above $62,200, up 5% from its weekly low.
This development eases concerns about a deeper sell-off, confirming $60,000 remains a key psychological support level. However, the question remains whether Bitcoin can sustain its recovery when US stock markets reopen next week, or if it will soon lose this support entirely.
Bitcoin had its worst trading week in years. From an opening price of $72,000, its value plunged to $66,000 due to news that Strategy, a top global holder, had reduced its Bitcoin holdings for the first time since 2022. The sold volume was only 0.004% of their BTC holdings, but the market reacted sharply because this move contradicted the "never sell" stance of Strategy's executive chairman, Michael Saylor.
Selling pressure continued until June 6, pushing Bitcoin below the $60,000 mark twice, hitting $59,100 at one point. Compared to the start of this year, the cryptocurrency has lost 29% of its value. From its historical peak of $126,000 in October 2025, it has declined by more than half.
 |
Bitcoin price chart this week. Photo: Tradingview |
Beyond Strategy's move, the correction partly stemmed from the US jobs report released late this week. This shifted market expectations from Federal Reserve (Fed) interest rate cuts to potential hikes, boosting government bond yields and the US dollar, and pressuring risky assets.
Additionally, the largest cryptocurrency also saw impact from investors rotating capital into hot AI stocks and awaiting major IPOs like SpaceX.
Despite market turbulence, many crypto experts remain confident in a positive outlook for the end of the year. Geoffrey Kendrick, head of digital assets research at Standard Chartered, maintains his forecast for Bitcoin to reach $100,000 by year-end. He noted the cryptocurrency had a tough week, but liquidation positions significantly decreased. He believes Strategy will soon buy back, as they did after past sell-offs.
"When Bitcoin hits $100,000 by year-end, we will say $60,000 was the buying zone everyone was waiting for," Kendrick wrote.
Phuong Dong (according to Reuters, CoinDesk)
