BlockBeats News, June 13th. Bitcoin dropped from nearly $73,000 to below $60,000, then rebounded to around $63,500. BTC is currently down about 50% from its all-time high of around $126,000 in October 2025. This drop has brought BTC into a valuation range typically associated with the bottom of a bear market, but has not seen the panic selling usually seen as a confirmation of the bottom. One of the catalysts for this drop was related to Michael Saylor's Strategy. The company disclosed on June 1st that it sold 32 BTC for about $2.5 million to pay for preferred stock dividends.

Although this amount is small compared to its holdings of about 845,000 BTC, the market viewed this sale as a change in behavior because Saylor has long emphasized "never selling Bitcoin." Strategy may be attempting to demonstrate that it can use BTC as a corporate treasury asset by selling small amounts of BTC, rather than just holding long-term. Meanwhile, the tension in Iran had previously boosted oil prices and reinforced concerns about high interest rates, making BTC trade more like a high-beta Nasdaq proxy asset.

Subsequently, macro factors drove the market rebound. Trump stated that the U.S. had actually ended the war with Iran, officials said progress was made on a deal, Brent crude oil fell to around $85, and U.S. stocks rebounded. SpaceX went public on the Nasdaq on Friday, closing at $161, a 19% increase from the $135 offering price, further boosting risk appetite. The 4.7% gain in BTC this week masked the true volatility: the price fell to a range that long-term valuation indicators show as undervalued, stabilized without a forced selling spiral, and rebounded after the macro news improved. However, a true market reversal still requires a return of demand, including stable ETF fund flows, buyer re-entry, and enough liquidation of losing positions.