MarketsShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailBitcoin Surpasses $61,000 After Liquidations Reach $1.6 Billion

Bitcoin dipped to $59,227 overnight but bounced back, stabilizing following a robust U.S. jobs report that led to a selloff impacting the Nasdaq 100 and causing a decline of about 5% across various markets.

By Shaurya Malwa Jun 6, 2026, 6:40 a.m. 2 min readMake preferred on

Key Points:

  • Bitcoin briefly dropped below the $60,000 mark before recovering to around $61,000 during Saturday's Asian trading session, alleviating concerns about a potential deeper decline following a week of losses.
  • This downturn followed a strong U.S. jobs report, which led markets to anticipate prolonged high interest rates, causing Treasury yields and the dollar to rise while negatively impacting stocks, particularly those related to AI.
  • In the crypto space, significant leverage washouts occurred, resulting in approximately $1.6 billion in liquidations over a 24-hour period, with major cryptocurrencies like ether and solana experiencing substantial weekly losses, and Zcash dropping sharply due to a revealed bug.

In the Asian morning session on Saturday, Bitcoin returned to the $61,000 level after briefly falling below $60,000 overnight. The recovery followed a strong U.S. jobs report from Friday that incited a significant selloff across stocks, bonds, and cryptocurrencies.

The cryptocurrency hit a low of $59,227 before buyers re-entered the market, and it was trading around $61,000, reflecting a decrease of about 1.3% for the day.

This rebound occurred at a critical level that traders had been monitoring. Bitcoin had been trending down towards $60,000 throughout the week due to record ETF outflows and Strategy's first bitcoin sale since 2022, which reduced the buying pressure that previously supported the price. The drop below this pivotal number did not escalate into a more severe decline, as the token rebounded by over $1,500 from its low.

The selloff that triggered this dip originated outside of the cryptocurrency market. The solid nonfarm payrolls report from Friday caused markets to adjust their expectations for the Federal Reserve's future actions. Current swaps now fully anticipate a rate hike by the end of 2026, contrasting with the cuts previously expected under newly appointed chair Kevin Warsh. Two-year Treasury yields surged by 12 basis points to 4.16%, the dollar strengthened, and risk assets suffered losses.

The most significant impact was seen in the AI sector, with the Nasdaq 100 plummeting about 5%, marking its largest decline since April 2025, while a measure of semiconductor stocks dropped 10%. The S&P 500 fell by 2.6%, interrupting its streak of nine consecutive weekly gains.

Other cryptocurrencies also faced significant declines over the week. Ether fell by 21.6% to approximately $1,575, solana dropped 23.7% to $63, and XRP, dogecoin, and BNB all saw losses ranging from 13% to 20%. Hyperliquid's HYPE, which had been performing relatively well during the recent downturn, is down 9.9% during the same period.

The liquidation was extensive, with around $1.6 billion in positions liquidated within 24 hours across roughly 308,000 traders, as reported by CoinGlass. Long positions accounted for $1.21 billion of these liquidations. Bitcoin experienced $534 million in liquidations, while ether saw $423 million, and Zcash, which faced its own 44% drop linked to a disclosed bug in its Orchard privacy pool, recorded an additional $115 million in liquidations.

Now that Bitcoin has briefly dipped below $60,000 but has regained it, the critical question remains whether the cryptocurrency can sustain this bounce or if it will falter upon retesting the level. A significant drop below this threshold would push the token back to levels last seen during the February downturn.