Bitcoin bounced back above $61,000 on Saturday after a brief dip below the critical $60,000 mark, as traders navigated the aftermath of a broad market selloff instigated by unexpectedly strong U.S. jobs data. Earlier, the world’s leading cryptocurrency had plunged to a low of $59,100, its most significant drop in 2026, before recovering more than $1,500.
At the time of reporting, Bitcoin was trading down 1.76% at $61,336.9 as of 04:39 ET (08:39 GMT). The market saw renewed buying interest as buyers stepped in around a closely monitored support zone. The decline in Bitcoin’s value coincided with a sharp reassessment of expectations surrounding the Federal Reserve, following the release of the nonfarm payrolls report which showed robust labor market data. This led investors to recalibrate their predictions regarding interest rate cuts, resulting in higher Treasury yields and a strengthened U.S. dollar, which weighed heavily on risk-sensitive assets.
The broader market experienced significant turmoil as well. The Nasdaq 100 saw a decline of roughly 5%, marking its steepest loss since April 2025, with semiconductor stocks suffering double-digit setbacks. The S&P 500 fell by 2.6% as investors shifted away from speculative investments.
The intense selling pressure in the cryptocurrency sector triggered a wave of liquidations across leveraged positions. According to data from CoinGlass, approximately $1.6 billion in positions were liquidated over the preceding 24 hours, with long positions constituting the majority of the losses. Bitcoin accounted for over $500 million of those liquidations, while ether made up more than $400 million.
Investor sentiment has also been adversely affected by recent institutional flows. U.S. spot Bitcoin Exchange-Traded Funds (ETFs) have experienced substantial outflows over the past two weeks, removing a vital source of demand that had supported prices earlier in the year.
Moreover, the news that Strategy’s firm had sold Bitcoin for the first time since 2022 raised eyebrows among market observers, sparking speculation about further potential sales by one of the market’s notable long-term holders. Although the transaction represented only a minor fraction of the company’s overall holdings, the move raised concerns about its future disposition.
Despite Bitcoin’s recent rebound, other digital assets remained under severe pressure. Ether has faced a decline of more than 20% over the past week, while other cryptocurrencies including Solana, XRP, Dogecoin, and BNB also posted significant losses in the same timeframe.
Market participants are closely monitoring the $60,000 threshold. A sustained break below this level could potentially lead to further declines, while successfully defending it may stabilize sentiment following one of the most tumultuous weeks for the cryptocurrency market in 2026. Overall, the broader crypto landscape experienced notable declines on Saturday, mirroring Bitcoin’s performance.
