CoinDesk
Bitcoin clawed back above $61,000 in Saturday Asian trading after briefly slipping below $60,000 overnight, recovering more than $1,500 off a low of $59,227. The bounce capped a weeklong slide that accelerated Friday, when a strong U.S. nonfarm payrolls print triggered a broad selloff across stocks, bonds and crypto — and a roughly $1.6 billion leverage washout across roughly 308,000 traders.
Why it matters
The catalyst was macro, not crypto-native. Friday's jobs report was solid enough that markets stopped pricing Fed cuts and started pricing in a rate increase by end-2026 — a reversal from the cuts that had been expected under newly confirmed chair Kevin Warsh. Two-year yields jumped 12 bps to 4.16%, the dollar firmed, and risk assets sold off across the board. The Nasdaq 100 dropped about 5% in its worst session since April 2025, a chipmaker gauge fell 10%, and the S&P 500 gave up a shot at a tenth straight weekly gain.
Market impact
The leverage unwind hit crypto hard. About $1.21 billion of the $1.60 billion in 24-hour liquidations were longs, with $534 million on Bitcoin and $423 million on Ether, according to CoinGlass. The week was brutal across majors — Ether down 21.6% to around $1,575, Solana off 23.7% to $63, and XRP, Dogecoin and BNB all 13–20% lower. Zcash logged another $115 million in liquidations on top of a 44% collapse tied to a disclosed bug in its Orchard privacy pool.
Bitcoin's reclaim of $60,000 is the first green tape in a week, but the level was the one traders were watching — and a clean break below it on a retest would put the price back in February drawdown territory. The bid into the round number is encouraging; the macro backdrop that broke it is unchanged.
Frequently asked questions
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What caused Bitcoin to drop below $60,000?
A strong U.S. nonfarm payrolls report on Friday reset Fed pricing from expected cuts to a potential rate hike by end-2026. Two-year yields jumped 12 bps to 4.16%, the dollar firmed, and risk assets sold off across stocks, bonds and crypto.
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How much was liquidated during the selloff?
Roughly $1.6 billion in leveraged positions were liquidated over 24 hours across about 308,000 traders, according to CoinGlass. Longs made up $1.21 billion of that total.
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Why did the Fed outlook change after the jobs report?
Markets read the strong payrolls print as a signal that the economy can handle tighter policy for longer. Rate-cut bets were reversed and swaps now fully price in a possible rate increase by end-2026 under newly confirmed chair Kevin Warsh.
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How did other major tokens perform over the week?
Ether fell 21.6% to around $1,575 and Solana dropped 23.7% to $63. XRP, Dogecoin and BNB were all 13–20% lower. Zcash was the worst performer, dropping 44% on a disclosed bug in its Orchard privacy pool.
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What level are traders watching next for Bitcoin?
$60,000 was the round-number support level traders were watching. A clean break below it on a retest would put Bitcoin back in territory it last traded during the February drawdown.
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