Bitcoin Bounces Above $63,000 Amid Shaky Investor Conviction

Bitcoin rebounded on Monday, climbing above $63,000 after a brutal selloff that pushed the token to its lowest level this year.

The price surge, up about 3%, came after a sharp decline that saw Bitcoin slip below $60,000 on Friday, a level not seen since months.

The token's recovery was modest, however, with buying volume remaining thin, indicating that investor conviction is still shaky.

The broader digital asset market lost nearly $390 billion over the week, with Bitcoin shedding more than 17% and Ether (ETH) dropping about 20%.

Forced selling and leveraged position liquidations, totaling nearly $7 billion, exacerbated the damage, while Strategy's decision to sell Bitcoin for the first time since 2022 added to the unease.