By Avery Klein
Bitcoin moved back above $61,000 on Saturday after a volatile session in which the cryptocurrency briefly slipped below the psychologically important $60,000 mark. The world’s largest crypto dropped to as low as $59,100 overnight - its weakest intraday level in 2026 - before recovering more than $1,500 as buyers stepped in near a widely watched support area.
As of 04:39 ET (08:39 GMT), bitcoin was trading down 1.76% at $61,336.9, following the rebound from the overnight low. The pullback and subsequent rebound came against the backdrop of a broad market reaction to Friday’s U.S. nonfarm payrolls data, which proved stronger than analysts had anticipated.
Market participants said the robust jobs print prompted a sharp repricing of Federal Reserve policy expectations. With investors dialing back bets on the timing and scale of rate cuts, Treasury yields moved higher and the U.S. dollar strengthened - dynamics that put pressure on risk assets across the board.
The weakness extended far beyond digital assets. The Nasdaq 100 tumbled roughly 5% in the session, marking its steepest drop since April 2025, while semiconductor stocks recorded double-digit declines. The S&P 500 fell 2.6% as investors rotated away from more speculative areas of the market.
Crypto markets experienced heavy selling and a cascade of forced liquidations in leveraged positions. Data from CoinGlass showed about $1.6 billion worth of positions were liquidated over the past 24 hours, with long positions representing the bulk of the losses. Bitcoin accounted for more than $500 million of those liquidations, while ether liquidations exceeded $400 million.
Institutional flows have also become a headwind in recent sessions. U.S. spot bitcoin ETFs recorded significant outflows over the past two weeks, removing what had been an important source of demand earlier this year and placing additional pressure on prices.
Adding to investor concerns, Strategy’s disclosure that it sold bitcoin for the first time since 2022 prompted questions about the intentions of one of the market’s more prominent long-term holders. Although the company said the sale comprised only a small slice of its total holdings, the move fed speculation that further sales could follow.
Other major digital assets were pressured even after bitcoin’s partial recovery. Ether slid 4.50% to $1,588.81 and was down about 21% for the week. XRP fell 1.70% to $1.0995 and had declined more than 15% for the week. Solana and Cardano trimmed some losses, last down 3.24% and 1.20%, respectively, while BNB was lower by 1.11%.
Memecoins also saw declines: Dogecoin fell 1.89% and $TRUMP slipped 5.47%.
Market participants are now focused on the $60,000 level as a near-term pivot. A sustained break below that threshold could increase the risk of further downside, while a successful defense of $60,000 may help calm sentiment after one of the most volatile weeks for the crypto market so far in 2026.
Context and market implications
- Stronger-than-expected U.S. jobs data led to a rapid adjustment in rate-cut expectations, lifting yields and the dollar and pressuring risk assets.
- Forced liquidations amplified selling pressure in crypto, with CoinGlass reporting roughly $1.6 billion in 24-hour liquidations concentrated among long positions.
- Equity markets, particularly the Nasdaq 100 and semiconductor stocks, experienced sharp losses alongside declines in risky digital assets.
The immediate market narrative is dominated by the interplay between macroeconomic data, policy expectations and liquidity in leveraged crypto positions. How the $60,000 Bitcoin level holds in the coming sessions will likely influence near-term positioning across both institutional and retail participants.