Bitcoin reclaimed the $61,000 level Saturday morning in Asia after briefly falling below $60,000 overnight, stabilizing after a strong U.S. jobs report Friday sparked a sharp selloff in stocks, bonds and crypto.
The token fell as low as $59,227 before buyers returned and was trading around $61,000, down about 1.3% on the day.
The rebound occurred at a level that traders were watching closely. Bitcoin had been sliding toward $60,000 all week as a record series of ETF outflows and Strategy’s first Bitcoin selloff since 2022 wiped out buyers who had supported the price. The break below the round number overnight did not turn into a deeper breakdown, with the token recovering more than $1,500 from the low.
The selling that caused the drop started outside of crypto. Friday’s nonfarm payrolls report was strong, and rather than celebrating the strength, markets sharply reassessed the Federal Reserve’s outlook. The swaps now fully price in a rate increase by the end of 2026, a reversal of expected cuts under new Chairman Kevin Warsh. Two-year Treasury yields jumped 12 basis points to 4.16%, the dollar rose and risk assets fell.
The damage has been most severe in the AI business. The Nasdaq 100 fell about 5%, its biggest decline since April 2025, and a gauge of chipmakers fell 10%. The S&P 500 fell 2.6% and failed to post a tenth consecutive weekly gain.
Other chips remain deep in the red this week. Ether is down 21.6% over seven days at around $1,575, solana is down 23.7% at $63, and XRP, dogecoin and BNB are all down between 13% and 20%. Hyperliquid’s HYPE, which outperformed during most of the recent hemorrhage, is down 9.9% over the same period.
Leverage has collapsed significantly. According to CoinGlass, approximately $1.60 billion in positions were liquidated in 24 hours by approximately 308,000 traders, with long positions accounting for $1.21 billion. Bitcoin recorded $534 million in liquidations and $423 million, while Zcash, amid its own 44% collapse linked to a bug revealed in its Orchard privacy pool, recorded another $115 million.
With $60,000 breached overnight but quickly recovered, the question is whether bitcoin can build on the rebound or if the level gives way upon retesting. A clean break below would bring the token back into the territory where it last traded during the February pullback.
