Bitcoin climbs back above $63,000 after wiping out June losses
Bitcoin moved back above $63,000 during U.S. morning trading Saturday, erasing the late-June damage. The setup was not mysterious: macro pressure eased, risk assets caught a bid, and crypto traders started leaning into the next inflation report. My take: this was less “new bull market” than pressure release.
Bitcoin rose 1.4% over 24 hours and 3.6% for the week, reaching its highest level in two weeks, according to CoinDesk data. That is a sharp turn from the start of the third quarter, when Bitcoin was sitting at 21-month lows. Not subtle. XRP moved harder, climbing 5.3% to $1.18 and almost 10% for the week. It also pushed past USDC into fifth place by market value, at about $73 billion. Here is the odd bit: XRP rallied while on-chain data showed holders sitting on their deepest average losses on record. Most guides call that bearish. That’s only half right. Washed-out positioning can also mean sellers are finally exhausted, which is exactly when contrarian traders start poking around. Ether gained 3.2% on the day to about $1,793 and was up 11.5% over seven days. Dogecoin added 2.6%. Solana stayed near $82.50 after gaining 13.2% for the week.
This was not just a random Saturday pop. The move capped a week where the macro backdrop got less hostile: Federal Reserve Chair Kevin Warsh said inflation risks had eased, and the June jobs report came in soft. That gave traders a reason to back away from the “higher rates for longer” trade, which has been weighing on crypto as much as stocks. Bearish positioning did the rest. Bitcoin moved from below $60,000 to above $63,000 in five sessions as shorts got squeezed. I’ll be honest: I would not read too much into every dollar of it. Saturday trading was thin because of the U.S. Independence Day holiday, and thin markets can make price action look cleaner than it really is.
Crypto is still trading like part of the broader risk market. That sounds obvious. It matters anyway. When inflation fears cool and traders see a better chance of easier Fed policy, money tends to flow back into higher-beta assets, including Bitcoin, Ether, XRP, Dogecoin, and Solana. Why does this matter? Because the reaction to Warsh’s comments and the June jobs report shows how tightly crypto is now wired to old-school economic data. On-chain metrics still matter, sure, but payrolls, inflation prints, Fed language, and liquidity conditions are doing a lot of the short-term work. Counter to the usual crypto-native advice, the blockchain is not always the first place to look.
What this means
The late-June selloff may have lost its grip, at least for now. Bitcoin reclaiming $63,000 gives traders a cleaner level to watch, and the strength in XRP, Ether, Dogecoin, and Solana points to broader risk appetite rather than one isolated Bitcoin move. XRP’s rally is especially telling because it happened while holders were still deeply underwater. In plain English: that is often what capitulation looks like near a rebound. Everyone who wanted out has already sold, or close enough.
The next test is inflation. A softer U.S. inflation print would support the case that the macro backdrop has improved and could keep buyers interested. A hotter number could ruin the mood quickly. Is this overkill for one weekend move? No, because U.S. desks were partly offline for the Independence Day holiday, and real liquidity will give a better read when they return. For Bitcoin, holding above $63,000 matters. The next resistance area sits around $65,000 to $68,000. For XRP, staying above $1.18 would keep the bullish case alive. Yes, this slightly contradicts the squeeze warning above; bear with me. If XRP slips back under $1.18, this week’s move starts to look less like trend confirmation and more like a short-covering burst.