Bitcoin opened the week at approximately $63,310, recovering from a low of $59,100 during a chaotic trading period that erased roughly $390 billion in market capitalization. This downturn was triggered by disappointing May inflation and job data, which dashed hopes for imminent Federal Reserve rate cuts. The market saw over $7 billion in liquidations as leveraged positions were forced to close, adding to the selling pressure. Despite the bounce back, technical indicators such as the 14-day relative strength index suggest Bitcoin is oversold, with the Fear and Greed Index reaching extreme fear levels. Traders are closely monitoring the 200-week simple moving average, which Bitcoin briefly dipped below before recovering. However, the macroeconomic conditions remain unchanged, and the market needs a solid reason to believe in the sustainability of this recovery rather than viewing it as a temporary respite from selling pressure.