Bitcoin Rebounds to $63,000 After Falling Below $60,000 as Bargain Buying Emerges [Crypto Briefing]

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[The Financial News] Bitcoin rose to the $63,000 range on the 8th. The move appears to have been driven by bargain buying after the cryptocurrency fell below $60,000 over the weekend.
According to CoinMarketCap, Bitcoin was trading in the $63,000 range as of 10 a.m. that day, up 4.68% from the previous day on a 24-hour basis. Over the past week, Bitcoin has fallen 13.78%.
Bitcoin is trading around 95 million won in the Korean won market. Based on Cryprice, the Korea premium stands at -2.34%.
Some bargain buying also came in after Bitcoin briefly fell to the $59,000 range on the 6th. It was the first time Bitcoin had traded below $60,000 in about 1 year and 8 months, since October 2024.
Price gains were also supported by signs that Strategy Inc, the largest holder of Bitcoin among public companies, could make additional purchases. According to foreign media reports, Strategy Chairman Michael Saylor said on his X account on the 7th local time, "Our strategy is to increase our Bitcoin holdings and Bitcoin value per share over the long term."
Institutional funds, however, have continued to leave the market. According to CoinMarketCap, institutions recorded net selling of Spot Bitcoin ETFs for 15 consecutive trading days from the 15th of last month through the 5th.
CoinMarketCap's Crypto Fear and Greed Index also stood at 15 on the day, indicating "extreme fear." The index ranges from 0 to 100, with values closer to 0 interpreted as "extreme fear" and values closer to 100 as "extreme greed."
At the same time, Ethereum was trading in the $1,694 range, up 8.27% from the previous day. Ripple (XRP) was up 6.62% and trading around $1.16.

yimsh0214@fnnews.com Im Sang-hyeok Reporter