Bitcoin back above $61,000 after rout leads to $1.6 billion liquidations
Bitcoin recovered above $61,000 after briefly falling under $60,000, as a U.S. jobs-driven selloff triggered $1.6 billion in crypto liquidations.
Intelligence analysis by GPT-5.4 Mini
Bitcoin steadied after a sharp overnight drop that briefly pushed it below $60,000. The move came after a strong U.S. jobs report pushed markets toward a higher-for-longer rate outlook and triggered heavy leverage unwinds across crypto.
Bitcoin was like a ball that fell off a table below $60,000, then bounced back above $61,000. A strong U.S. jobs report made traders nervous about higher interest rates, so stocks and crypto both wobbled and many borrowed bets got wiped out.
Analysis
Macro pressure hit crypto first
Bitcoin slid to as low as $59,227 overnight before rebounding to around $61,000 in Saturday Asian trading. The article says the drop followed Friday’s strong U.S. nonfarm payrolls report, which pushed markets to rethink the Federal Reserve path and raised expectations for higher-for-longer rates.
That shift was not isolated to crypto. Treasury yields rose, the dollar strengthened, and risk assets sold off together. The Nasdaq 100 fell about 5%, while the S&P 500 dropped 2.6% and failed to extend its weekly winning streak. The story describes the AI trade as the hardest hit part of the broader market.
Crypto leverage got washed out
The crypto selloff was amplified by liquidations. CoinGlass data cited in the article shows about $1.6 billion in positions were liquidated over 24 hours across roughly 308,000 traders, with longs making up $1.21 billion. Bitcoin accounted for $534 million of those liquidations and ether for $423 million.
The article also notes that bitcoin had already been drifting lower through the week because of record ETF outflows and Strategy’s first bitcoin sale since 2022, both of which removed support that had helped prop up the price. Ether, solana, XRP, dogecoin, BNB, and Hyperliquid’s HYPE were all down sharply on the week as well.
What traders are watching
The key question now is whether bitcoin can hold the reclaimed $61,000 level or retest the broken $60,000 area. The article warns that a clean break lower would put bitcoin back into territory last seen during the February drawdown.
Key points
- Bitcoin briefly fell to $59,227 before recovering to around $61,000 in Asian trading.
- A strong U.S. jobs report pushed markets toward a higher-for-longer rate outlook and hit risk assets.
- About $1.6 billion in crypto positions were liquidated in 24 hours, mostly long bets.
- Bitcoin, ether, solana, and several other major tokens were all sharply lower on the week.
- Traders are watching whether $60,000 holds or breaks again on a retest.
Bitcoin’s quick rebound above $61,000 suggests buyers were willing to defend the round number after the overnight flush. If the level holds, the market could use it as a short-term base while the forced selling clears out.
The article says bitcoin had already been weakening because of ETF outflows and Strategy’s bitcoin sale, so the rebound may not fix the broader trend. If $60,000 fails on another retest, traders could push the token back toward the lower range last seen in February.
