Bitcoin experienced a notable rebound, surpassing $63,000 on Saturday and on track for a weekly gain, largely driven by improving sentiment surrounding a potential peace agreement between the U.S. and Iran. This positive shift in risk appetite follows a volatile week for cryptocurrencies, with Bitcoin previously dipping below $60,000 for the first time since November 2024.
As of 03:53 ET, Bitcoin was trading up 1.14% at $63,814.1. The cryptocurrency began the week at $60,804 but faced downward pressure due to broader market concerns, including rising oil prices, heightened tensions in the Middle East, and fears that sustained inflation could lead to prolonged high interest rates.
The turning point for the cryptocurrency market seemed to arrive later in the week when U.S. officials indicated progress toward a potential agreement with Iran. The prospect of a deal that could reopen the Strait of Hormuz, a crucial channel for global oil transportation, has contributed to a sense of relief in energy markets, thereby boosting stocks and other risk-sensitive assets.
Adding to the optimistic sentiment was the strong debut of SpaceX on the Nasdaq, where shares surged approximately 19% during their inaugural trading session. This positive performance helped stimulate a broader rally in growth-oriented assets, further benefiting Bitcoin’s recovery.
Despite the rebound, Bitcoin continues to face challenges, particularly following scrutiny of Strategy, the largest corporate holder of Bitcoin. Earlier this month, the company revealed that it sold 32 Bitcoin valued around $2.5 million between May 26 and May 31 to fund dividends on its STRC preferred shares. Although some market participants interpreted this sale as a significant shift in Strategy’s approach, the transaction amount was minimal in relation to the company’s overall holdings.
Investors are also closely monitoring institutional demand for cryptocurrencies. Spot Bitcoin exchange-traded funds have seen recent outflows, leading to questions about the future involvement of large buyers as prices have adjusted after recent corrections.
In regulatory news, the U.S. Securities and Exchange Commission has approved NYSE Arca’s proposal to list and trade shares of the T. Rowe Price Active Crypto ETF. This actively managed fund will invest in a variety of digital assets, including Bitcoin, Ether, XRP, Solana, and Dogecoin, marking a noteworthy step in the expansion of regulated cryptocurrency investment options in the United States.
Despite the week’s upswing, Bitcoin’s value remains approximately 50% below its previous record high of nearly $126,000 reached in October 2025.
On the broader cryptocurrency front, prices were mixed, but like Bitcoin, many altcoins are on track for weekly gains. The second-largest cryptocurrency, Ether, increased by 0.87% to $1,676.53, securing a 5.70% rise for the week.
