Bitcoin Bounces Back Above 63,000 as Crypto Rebounds Monday After Worst Week Since February

Bitcoin opened Monday near 63,300 dollars, up about 4 percent, clawing back ground after a brutal week that briefly pushed it under 60,000 for the first time since 2024. Ethereum jumped harder, up almost 8 percent to around 1,690. A relief bounce after the kind of week nobody enjoyed.

The setup going in was ugly. Bitcoin had slid from an intraweek high near 72,840 to a 2026 low of 59,100, its worst stretch since February. The macro backdrop did most of the damage. A hot May jobs report, 172,000 jobs against the 85,000 expected, buried what was left of the rate-cut story and pushed Treasury yields higher. And higher-for-longer rates pull money out of assets that pay no yield. Crypto sits right at the front of that line.

The selling had a structure to it. US spot Bitcoin ETFs bled for thirteen straight sessions, around 4.3 billion dollars and roughly 59,000 coins out the door, the biggest withdrawal stretch since the funds launched in 2024. Michael Saylor's Strategy sold Bitcoin for the first time in nearly four years, which said something about who was left holding. Whales trimmed too. By Friday the daily RSI had dropped near 15, the most oversold reading since March 2020. Stretched to the point where a bounce was almost mechanical.

And the bounce came. Bitcoin opened at 63,310 dollars Monday, up about 4 percent from Sunday, and traded near 63,560 by the time US markets opened. Ethereum opened at 1,690, up 7.7 percent. The total crypto market cap clawed back toward 2.25 trillion dollars. Stocks steadied too after Friday's chip-led rout, though the dollar stayed firm. Nothing here looks like a trend change. More like an oversold market catching its breath.

From our own read, this fits the bigger picture rather than breaking it. The thesis has crypto in a larger correction, with counter-trend bounces expected but no new highs in this regime. A 4 percent Monday off a 15 RSI is exactly that kind of bounce. The thing to watch is whether the ETF outflows stop. As long as money keeps leaving the funds, every rally has a ceiling over it. CPI lands Wednesday. A hot print there and the rate-hike fear that started all this comes straight back.

So a green Monday, but last week's damage is still sitting there. The bounce tells you the selling got overdone, not that the buyers are back. Watch the ETF flows and Wednesday's inflation number. Until those turn, this is a market resting, not recovering. The market is the boss, not our opinion.