Bitcoin regained the $61,000 level in Asian morning hours on Saturday after briefly dipping below $60,000 overnight, stabilizing after a strong US jobs report on Friday sparked a sharp sell-off across stocks, bonds and crypto.
The token fell as low as $59,227 before buyers stepped in again, trading around $61,000, down about 1.3% on the day.
The rejection came from a level that traders had been watching closely. Bitcoin had slid toward $60,000 all week as a record run of ETF outflows, and Strategy’s first bitcoin selloff since 2022 removed buyers who had supported the price. The overnight break below the round number did not turn into a deeper collapse, with the token recovering more than $1,500 from its lows.
The selling that drove the decline started outside of crypto. Friday’s nonfarm payrolls report came in solid, and rather than cheering the strength, markets reversed the Federal Reserve’s outlook hard. Swaps are now fully pricing in a rate hike by the end of 2026, a reversal from the cuts expected under newly confirmed chairman Kevin Warsh. Two-year Treasury yields rose 12 basis points to 4.16%, the dollar rose and risk assets fell.
The damage was worst in the AI trade. The Nasdaq 100 sank about 5%, its steepest decline since April 2025, and a gauge of chipmakers fell 10%. The S&P 500 fell 2.6%, failing to complete a tenth straight weekly gain.
Other tokens remain deep in the red on the week. Ether is down 21.6% over seven days to around $1,575, solana is down 23.7% to $63, and XRP, dogecoin and BNB are all between 13% and 20% lower. Hyperliquid’s HYPE, which outperformed through most of the recent bleeding, is down 9.9% over the same stretch.
The washout of leverage was heavy. About $1.60 billion in positions were liquidated in 24 hours across about 308,000 traders, according to CoinGlass, with longs accounting for $1.21 billion. Bitcoin saw $534 million in liquidations and ether $423 million, while Zcash, amid its own 44% collapse tied to a revealed flaw in its Orchard privacy pool, logged another $115 million.
With $60,000 pierced overnight but quickly recovered, the question is whether bitcoin can build on the bounce or if the level gives way on a retest. A clean break below it would bring the token back to the territory it last traded during the February draw.
