Bitcoin nearly broke this week — and then macro gave it a way back.The largest cryptocurrency opened near $73,000 last Sunday, slid below $60,000 for the first time since the November 2024 US election, and recovered to approximately $63,500 by Saturday, according to CoinDesk data. Bitcoin remains roughly 50% below its October 2025 record near $126,000. The week's round trip pushed Bitcoin into a valuation zone typically seen near bear-market bottoms — but it never produced the forced-selling panic flush that normally confirms one.The catalyst: Strategy's sale raises a bigger questionThe week's slide traces back to Michael Saylor's Strategy, which disclosed on June 1 that it sold 32 BTC for approximately $2.5 million between May 26 and May 31 to fund dividends on its STRC preferred shares. The sale was tiny against the company's roughly 845,000 BTC treasury — about 4% of total Bitcoin supply.But Saylor had spent years making "never sell bitcoin" the central pillar of Strategy's identity. When the company sold even 32 coins, traders treated it less as a balance-sheet footnote and more as a behavioral shift. Strategy also sold approximately 800,000 shares for $128 million through its at-the-market program in the same week — leaving traders to ask: if the Bitcoin sale didn't matter, why did it need to happen at all?A possible answer: S&P 500 ambitionsOne theory gaining traction connects the sale to Strategy's index inclusion prospects. The company met the technical requirements for S&P 500 inclusion in September 2025 but was passed over. Some market commentators have argued that Strategy's absolute refusal to ever sell Bitcoin made it look more like a closed-end investment vehicle than an operating treasury company — a distinction that matters for index committee classification decisions. Selling a small amount of Bitcoin may have been a deliberate signal that Strategy can use BTC as an active corporate treasury asset rather than an untouchable vault — precisely the kind of operational flexibility that could support a future S&P 500 case.This theory gains additional resonance against this week's separate news that S&P Dow Jones Indices declined to change its eligibility rules for SpaceX despite every other major index provider fast-tracking mega-IPOs. If S&P's index committee is applying strict, unbending criteria across the board, Strategy demonstrating "normal" treasury behavior — including occasional sales — could be read as an attempt to remove one more qualitative objection to eventual inclusion.The macro backdrop made it worse before it made it betterThe market reaction to Strategy's sale was amplified because Bitcoin was already trading into weak risk appetite. Iran tensions had pushed oil higher and revived higher-for-longer rate worries. Tech stocks were under pressure following Broadcom's disappointing AI chip forecast. In that environment, Bitcoin traded more like a high-beta Nasdaq proxy than an independent store-of-value asset — exactly the dynamic that Santiment and Bitrue Research had flagged when Bitcoin diverged sharply from record-setting equity markets earlier in the week.The rebound: same macro channel, opposite directionThe recovery came from the same macro forces that drove the decline, simply reversing. President Trump said the US had effectively ended the war with Iran, with officials pointing to progress toward a signed accord — even as Iranian sources had separately denied a specific Sunday Geneva signing date just one day earlier, illustrating how rapidly the narrative shifted within the week. Brent crude fell toward $85 — a meaningful decline from the $92-$93 levels that had persisted for weeks. Stocks rallied broadly.SpaceX's Nasdaq debut provided the week's most visible symbol of risk-on sentiment returning. The company closed Friday at $161, up 19% from its $135 offer price — a result that, combined with Saylor's "Mag8" framing celebrating Bitcoin's presence on two of the eight elite companies' balance sheets, gave risk traders another reason to step back into the market.Crypto followed broadly — but Bitcoin's headline number hides the real storyCrypto markets followed equities higher into the weekend. Ether rose 6.4% on the week to $1,663 — pulling back from its weekend low near $1,500 that had approached the critical $1,420 support level from April 2025. Solana gained 9.5% to nearly $67. BNB added 4.7%. Dogecoin rose 6.2%, continuing the renewed speculative momentum that derivatives data had flagged earlier in the week. XRP climbed 4.2% to $1.13, a modest recovery for a token whose sentiment had fallen to its lowest level since October 2025.Bitcoin's 4.7% weekly gain — from approximately $60,600 to $63,500 — understates the magnitude of what actually happened. The asset fell to levels that look cheap on long-term valuation gauges (9% above its $53,600 realized price), held without the forced-selling spiral that has historically accompanied moves to similar valuation zones, and then bounced sharply on improved macro news.What's still missing: confirmed demandThe week's recovery resolves the immediate crisis but does not resolve the underlying demand problem that CryptoQuant identified earlier in the week — the 652,000 BTC weekly demand contraction, the fastest-shrinking ETF demand since January 2024, and dolphin-cohort balance growth at successive lower highs since September 2025.A genuine turn still requires three things that have not yet happened: ETF flows need to stabilize rather than merely pause, large buyers need to return in scale, and loss-taking needs to become heavy enough to demonstrate that the market has cleared out the sellers who were forced to exit. This week's bounce was driven by macro relief — Iran de-escalation and SpaceX euphoria — rather than by any of those three demand-side conditions being met.The week aheadWith Bitcoin steadying above $63,000 heading into the weekend, the focus shifts immediately to the June 17 FOMC meeting — the first under chairman Kevin Warsh, and the moment when markets will learn whether the Fed's language shift on rate-cut bias materializes following Wednesday's mixed CPI report (4.2% headline as expected, but a core beat at 0.2%). BlackRock's BITA covered-call Bitcoin ETF is also expected to debut around June 18, adding a new income-focused product to the Bitcoin ETF complex just as the broader market searches for any sign of stabilizing institutional demand.Whether this week's macro-driven recovery proves durable — or whether it was simply a relief bounce within a longer downtrend — will depend on whether the demand-side metrics that have deteriorated throughout May and early June begin to turn alongside the improved macro backdrop.