Bitcoin reclaimed the $61,000 level in Asian morning hours Saturday after briefly dipping below $60,000 overnight, steadying after a strong U.S. jobs report on Friday triggered a sharp selloff across stocks, bonds and crypto. The token fell as low as $59,227 before buyers stepped back in, recovering more than $1,500 off the low to trade around $61,000, down about 1.3% on the day.

Market Context

The cryptocurrency rout was part of a broader risk-off move that hit markets Friday after May's nonfarm payrolls report came in solid. Rather than cheering the employment strength, traders repriced Federal Reserve policy aggressively, with swaps now fully pricing a rate increase by the end of 2026—a reversal from the cuts previously expected under newly confirmed chair Kevin Warsh.

The macro spillover was severe. Two-year Treasury yields jumped 12 basis points to 4.16%, the dollar rose, and risk assets fell across the board. The Nasdaq 100 sank about 5%, its steepest drop since April 2025, while a gauge of chipmakers tumbled 10%. The S&P 500 fell 2.6% and failed to complete a tenth straight weekly gain.

Analysis

The bounce came off a level traders had been watching closely. Bitcoin had been sliding toward $60,000 all week as record ETF outflows and Strategy's first bitcoin sale since 2022 removed buyers that had supported the price through its recent run. The break below the round number overnight did not turn into a deeper breakdown, with the token quickly reclaiming the level.

The leverage washout was heavy. Around $1.60 billion in positions were liquidated over 24 hours across roughly 308,000 traders, according to CoinGlass data, with longs accounting for $1.21 billion of the total. Bitcoin saw $534 million in liquidations while ether contributed another $423 million. Other tokens remain deep in the red on the week, with ether down 21.6% over seven days to around $1,575 and solana down 23.7% to $63.

Santiment data show active addresses at a four-month high and social dominance near a 2026 peak, suggesting retail engagement remains elevated despite the volatility. The question now is whether bitcoin can build on the bounce or whether $60,000 gives way on a retest—A clean break below it would put the token back into territory it last traded during February's drawdown.

Key Numbers

- Bitcoin low: $59,227 overnight before recovery

- Current trading level: approximately $61,000 (down 1.3% on the day)

- Total liquidations over 24 hours: $1.6 billion across roughly 308,000 traders

- Long liquidations: $1.21 billion of total

- Bitcoin liquidations: $534 million

- Ether liquidations: $423 million

- Two-year Treasury yield jump: 12 basis points to 4.16%

What to Watch

Traders will monitor whether bitcoin can hold the $60,000 support level on any retest—A sustained break below would target February lows. Upcoming Fed commentary following Kevin Warsh's confirmation could shift rate expectations further. ETF flow data remains critical as outflows have been a consistent pressure point. Strategy's future selling activity and broader institutional demand signals will also be key for near-term direction.