On June 13, Bitcoin fell below $60,000 from nearly $73,000, then rebounded to about $63,500. BTC is still roughly 50% below its all-time high of around $126,000 in October 2025. This decline has brought BTC into a valuation range typically associated with bear market bottoms, but panic selling usually used to confirm the bottom has not occurred. One of the catalysts for this drop comes from Michael Saylor's Strategy. The company disclosed on June 1 that it sold 32 BTC for about $2.5 million to pay STRC preferred stock dividends.

Although this amount is small compared to its holdings of approximately 845,000 BTC, Saylor's long-standing emphasis on "never selling Bitcoin" led the market to interpret this sale as a change in behavior. Strategy may be attempting to demonstrate that BTC can be used as a corporate treasury asset rather than just held long-term through small-scale sales. Meanwhile, tensions in Iran previously pushed oil prices higher and reinforced concerns about maintaining high interest rates, making BTC more like a high-beta Nasdaq proxy asset.

Subsequently, macro factors drove a market rebound. Trump stated that the U.S. has effectively ended its war with Iran, and officials said progress was made in signing an agreement. Brent crude oil fell toward $85, and U.S. stocks rebounded. SpaceX went public on Nasdaq on Friday, closing at $161, up 19% from the $135 IPO price, further boosting risk appetite. BTC's 4.7% weekly gain masks the true volatility: prices fell into a range indicated by long-term valuation metrics as undervalued, stabilized without a forced sell-off spiral, and rebounded after macro news improved. However, a true market reversal still requires demand to return, including stable ETF capital flows, renewed buying interest, and enough distressed positions to be cleared. #我的Gate交易时刻