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(Bloomberg) -- Bitcoin steadied itself after dropping below the key threshold of $60,000, as Strategy Inc. Chairman Michael Saylor resumed making purchases of the token.

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The original cryptocurrency climbed as much as 3.8% to nearly $64,200 on Monday, before paring slightly to change hands at around $62,800. Ether, the second-largest token, rose as much as 5.6% at around $1,720.

The recovery comes after Bitcoin had slumped roughly 7% to $59,101 on Friday, falling below $60,000 for the first time since Donald Trump won the White House for a second time in 2024. Strategy’s earlier disclosure of a small Bitcoin sale — its first since 2022 — also contributed to the token’s 18% decline last week, undermining confidence in the company’s model of hoarding the token in perpetuity.

Saylor had suggested in a social media post over the weekend that Strategy may announce further Bitcoin purchases, helping to soothe trader nerves. The company announced a purchase of about $101 million in Bitcoin on Monday, with Bitcoin losing some steam shortly after the disclosure.

Meanwhile, news of Israel’s retaliatory attack on Iran on Monday also helped alleviate pressure on Bitcoin and other risk assets. Stocks and bonds across Europe and Asia dropped on the move, while US stock futures staged a rebound after a rout in technology-linked equities.

“While global stock markets have pulled back as investors reduced risk heading into the weekend, Bitcoin’s reaction has been comparatively muted, particularly considering its reputation as a high-beta risk asset,” said Daniela Hathorn, senior market analyst at Capital.com.

The token’s recent correction likely helped shield it from the turbulence rocking equity markets. Stocks had been coming off fresh highs and “arguably had more positioning to unwind once sentiment deteriorated,” she added.

‘Incredibly Shaky’

Still, investors don’t appear convinced that the turnaround in Bitcoin’s price is durable. “We reduced our portfolio across the board and increased our cash levels to the highest they have been in two years,” said Richard Galvin, executive chairman at crypto investment firm DACM.

Bitcoin has lost about half its value since reaching a peak above $126,000 in October last year.

The token’s decline has been fueled by a combination of investors pulling money from Bitcoin-tied exchange-traded funds, renewed geopolitical tensions and growing concerns about the durability of Strategy and other digital-asset treasuries, one of the market’s most important sources of demand.

“Sentiment is incredibly shaky,” said Pratik Kala, a portfolio manager at digital-asset hedge fund Apollo Crypto, adding that much will depend on Strategy’s long-term plan.

(Updates prices in second paragraph, adds Strategy purchase in fourth paragraph.)

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