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Bitcoin Rebounds Above $61,000 After $1.6 Billion Sell-Off
Bitcoin rebounded above $61,000 on Saturday after briefly falling below the key $60,000 level, as traders assessed the fallout from a broad market sell-off triggered by stronger-than-expected US employment data.
The world’s largest cryptocurrency fell to $59,100 overnight, marking its lowest level since 2026, before rebounding by more than $1,500. Bitcoin was trading at $61,336.9, down 1.76%, as of 11:39, after buyers stepped in around the closely watched support zone.
The decline came amid a sharp reassessment of expectations for the Federal Reserve’s next moves following Friday’s nonfarm payrolls report. Strong labour market data prompted investors to scale back expectations for interest rate cuts, pushing Treasury yields and the US dollar higher while weighing on risk assets.
The pressure spread far beyond cryptocurrencies. The Nasdaq 100 fell by around 5%, marking its steepest decline since April 2025, while semiconductor stocks posted double-digit losses. The S&P 500 fell 2.6% as investors rotated out of speculative assets.
Heavy selling in the crypto market triggered a wave of liquidations in leveraged positions. CoinGlass data showed that approximately $1.6 billion in positions had been liquidated over the past 24 hours, with most of the losses coming from long positions.
Bitcoin accounted for more than $500 million of those liquidations, while Ether accounted for more than $400 million.
Institutional flows have also weighed on sentiment in recent sessions. US spot Bitcoin ETFs recorded significant outflows over the past two weeks, removing an important source of demand that had helped support prices earlier this year.
Adding to investor concerns, Strategy’s disclosure that it had sold Bitcoin for the first time since 2022 raised questions about one of the market’s most prominent long-term holders. Although the transaction involved only a small portion of the company’s holdings, the move fuelled speculation about possible further sales.
Other digital assets remained under pressure despite Bitcoin’s rebound. Ether has fallen by more than 20% over the past week, while Solana, XRP, Dogecoin and BNB also posted double-digit declines over the same period.
Market participants are now closely watching the $60,000 level. A sustained break below that threshold could open the door to further downside, while a successful defence could help stabilise sentiment after one of the most volatile weeks in the cryptocurrency market in 2026.
Crypto Asset Prices Today: Altcoins Retreat, Head for Weekly Losses
Prices across the broader crypto market tumbled on Saturday, following Bitcoin’s decline.
The world’s No. 2 cryptocurrency, Ether, fell 4.50% to $1,588.81 and was down around 21% for the week.
XRP lost 1.70% to $1.0995 and fell by more than 15% over the week.
Solana and Cardano recovered some of their losses, falling by 3.24% and 1.20%, respectively. BNB declined by 1.11%.
Among meme coins, Dogecoin and $TRUMP lost 1.89% and 5.47%, respectively.
See also: "Bitcoin Suffers Its Steepest Weekly Decline Since November 2022"
