Bitcoin rebounds above $61,000 after $1.6 billion liquidation-driven selloff

Investing.com -- Bitcoin recovered above $61,000 on Saturday after briefly falling below the key $60,000 level, as traders assessed the fallout from a broad market selloff triggered by stronger-than-expected U.S. jobs data. The world's largest cryptocurrency fell as low as $59,100 overnight, its weakest level of 2026, before rebounding more than $1,500. Bitcoin was last trading down 1.76% at $61,336.9 as of 04:39 ET (08:39 GMT) after buyers stepped in around a closely watched support zone. The decline came amid a sharp repricing of Federal Reserve expectations following Friday's nonfarm payrolls report. Strong labor market data prompted investors to scale back expectations for interest rate cuts, pushing Treasury yields and the U.S. dollar higher while weighing on risk assets. Pressure extended well beyond cryptocurrencies. The Nasdaq 100 fell roughly 5%, marking its steepest decline since April 2025, while semiconductor stocks posted double-digit losses. The S&P 500 dropped 2.6% as investors rotated away from speculative assets. Heavy selling in crypto triggered a wave of liquidations across leveraged positions. Data from CoinGlass showed approximately $1.6 billion in positions were liquidated over the past 24 hours, with long positions accounting for the majority of losses. Bitcoin represented more than $500 million of those liquidations, while ether accounted for over $400 million. Institutional flows have also weighed on sentiment in recent sessions. U.S. spot Bitcoin ETFs have recorded significant outflows over the past two weeks, removing an important source of demand that helped support prices earlier this year. Adding to investor concerns, Strategy's disclosure that it 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 fueled speculation that additional sales could follow. Other digital assets remained under pressure despite Bitcoin's rebound. Ether has fallen more than 20% over the past week, while Solana, XRP, Dogecoin, and BNB have all posted double-digit declines during 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 defense may help stabilize sentiment after one of the cryptocurrency market's most volatile weeks of 2026. Crypto price today: altcoins retreat, also set for weekly drop