Bitcoin Stabilizes After SpaceX IPO Diverts Speculative Capital

Bitcoin is attempting to recover and establish a market bottom at $63,600 after plunging to $59,100 last week. Market analysts suggest the price washout was driven by a shift in speculative capital toward artificial-intelligence stocks and the $75 billion initial public offering of Space Exploration Technologies Corp.

Reports indicate the SpaceX IPO likely acted as a catalyst that ended a significant wave of Bitcoin ETF selling. Market data supports the possibility of a bottom, as Bitcoin is trading only 9% above its realized price, and over half of the circulating supply is currently held below the purchase price.

Despite these indicators, some researchers warn that a final price drop could occur before a durable recovery begins.