Bitcoin Reclaims $61,000 Level After Brief Dip Below $60,000

Bitcoin surged back above the $61,000 level during Asian trading hours on Saturday, regaining ground after briefly dropping below $60,000 overnight. This recovery came after a strong U.S. jobs report on Friday triggered a sharp selloff across various markets, including stocks, bonds, and cryptocurrencies.

The cryptocurrency dipped to as low as $59,227 before bouncing back, ultimately trading around $61,000, representing a 1.3% decrease for the day.

Traders closely monitored the price action around the $60,000 level, which had been a key support area. Bitcoin had been sliding throughout the week due to record outflows from ETFs and Strategy’s first bitcoin sale since 2022, which reduced buying pressure. Although the token briefly fell below $60,000 overnight, it managed to recover more than $1,500 from its low point.

The market sell-off that led to the dip originated outside the crypto space. The positive nonfarm payrolls report on Friday prompted a significant shift in market expectations regarding the Federal Reserve’s monetary policy. Interest rate hike expectations increased, with swaps now fully pricing in a rate increase by the end of 2026. This change in sentiment caused two-year Treasury yields to rise by 12 basis points to 4.16%, leading to a stronger dollar and a decline in risk assets.

The tech sector was hit particularly hard, with the Nasdaq 100 experiencing a 5% drop, its largest decline since April 2025. Chipmakers were also heavily impacted, with a 10% decline in their index. The S&P 500 fell by 2.6% and failed to achieve a tenth consecutive weekly gain.

While Bitcoin managed to recover above $61,000, other cryptocurrencies continued to struggle. Ether was down by 21.6% over the week, trading around $1,575, while solana dropped by 23.7% to $63. XRP, dogecoin, and BNB also recorded losses ranging from 13% to 20%. Hyperliquid’s HYPE, which had been resilient during the recent market downturn, declined by 9.9% over the same period.

The leverage washout was significant, with approximately $1.60 billion in positions liquidated within 24 hours across 308,000 traders, as reported by CoinGlass. Long positions accounted for $1.21 billion of the liquidations, with Bitcoin witnessing $534 million in liquidations and Ether $423 million. Additionally, Zcash experienced a $115 million liquidation amidst a 44% decline linked to a disclosed bug in its privacy pool.

As Bitcoin reclaimed the $61,000 level after the brief dip below $60,000, the focus now shifts to whether the cryptocurrency can sustain this bounce or if a retest of the $60,000 level will lead to a breakdown. A decisive move below $60,000 could potentially push Bitcoin back into the price range seen during the February market correction.