Bitcoin price holds above $60,000 as traders watch key support

Bitcoin kept its footing above the psychologically charged $60,000 level in early Monday trade, rebounding as much as 3.8 percent to just below $64,200 before easing back toward the $63,000 area. The move higher came alongside a broader crypto bounce, with Ether climbing more than 3 percent to around $1,680 as dip buyers stepped in after last week's washout.

The recovery follows a punishing stretch that drove Bitcoin down to $59,100 on Friday, its lowest intraday print since October 2024 and its worst weekly performance since the deep phase of the 2022 crypto winter. The flagship token has now surrendered roughly half its value from last October's peak above $126,000, leaving price action firmly in repair mode rather than in a fresh bull cycle.

Pressure on the complex intensified late last week after Strategy, the Bitcoin holding firm founded by Michael Saylor, disclosed the sale of 32 BTC. The move weighed on crypto equities, with Strategy shares dropping about 7 percent on Friday, Coinbase sliding roughly 7 percent, and Circle losing more than 11 percent as investors questioned the resilience of listed crypto business models and treasury choices.

Sentiment stabilized over the weekend after Saylor suggested that further Bitcoin accumulation could still be on the table, helping to calm fears that corporate treasuries might be turning more cautious on exposure. At the same time, macro and geopolitical crosscurrents remain in sharp focus. Bitcoin's decline was exacerbated by hotter than expected jobs data, continued outflows from spot exchange traded funds, renewed tensions in the Middle East, and market chatter over how large holders are managing balance sheet crypto.

Trading Insight

For traders, the $60,000 threshold is now the dominant line in the sand. As long as spot BTC/USD holds that zone on closing bases, short-term participants are likely to frame the current price action as a corrective pullback with scope for mean reversion back toward the mid $60,000s and the recent intraday high near $64,200. A clean break and sustained move below $60,000 would raise the risk of a deeper unwind toward prior downside levels and could accelerate forced selling from leveraged longs.