Bitcoin reclaimed $61,000 during the Asian session on Saturday, after previously falling to $59,227. Following a wave of buying pressure, market concerns about a further decline below $60,000 were temporarily eased, but risk assets overall remain under pressure from shifting macroeconomic expectations.
Strong employment data suppresses risk assets
This pullback was not triggered solely by the cryptocurrency market. Following the release of stronger-than-expected U.S. non-farm payroll data, markets repriced the likelihood of higher interest rates being maintained for a longer period, causing U.S. Treasury yields and the dollar to rise, while stocks, bonds, and crypto assets all declined in tandem.
Reports show that the Nasdaq 100 Index fell approximately 5%, marking its largest single-day decline since April 2025, while the chip stock index dropped about 10%. The S&P 500 Index declined 2.6% and failed to extend its recent streak of weekly gains.
The $60,000 level has been temporarily reclaimed.
Bitcoin has steadily approached $60,000 this week. Reports note that continuous outflows from spot ETFs and Strategy’s first sale of Bitcoin since 2022 have weakened the buying pressure that previously supported the price. Although the price briefly dipped below the key psychological level during trading, it rebounded over $1,500 from its low.
As of the time of writing, Bitcoin has returned to around $61,000, remaining down approximately 1.3% for the day. The market now awaits to see whether this rebound can continue or if $60,000 will be breached again upon retesting.
Major tokens generally weakened.
Apart from Bitcoin, major tokens experienced steeper declines this week. Ethereum fell approximately 21.6% over the past seven days to around $1,575; Solana dropped about 23.7% to $63. XRP, Dogecoin, and BNB also saw weekly declines between 13% and 20%.
The Hyperliquid platform token HYPE, which previously demonstrated relative resilience, has also declined by approximately 9.9% over the past seven days. Zcash continues to face pressure due to the disclosure of a vulnerability in its Orchard privacy pool, resulting in a significant price drop and additional liquidations.
$1.6 billion in liquidations in 24 hours
CoinGlass data shows that approximately 308,000 traders were liquidated over the past 24 hours, involving positions worth about $1.6 billion, with long positions accounting for approximately $1.21 billion in liquidations.
- Bitcoin liquidations amount to approximately $534 million.
- Ethereum liquidations amount to approximately $423 million
- Zcash settles approximately $115 million