Bitcoin back above $61,000 after rout leads to $1.6 billion liquidations
Key takeaways
- The token fell as low as $59,227 before buyers stepped back in, and was trading around $61,000, down about 1.3% on the day.
- The bounce came off a level traders had been watching closely.
- The selloff that drove the dip started outside crypto.
The token fell as low as $59,227 before buyers stepped back in, and was trading around $61,000, down about 1.3% on the day.
The bounce came off a level traders had been watching closely. Bitcoin had been sliding toward $60,000 all week as a record run of ETF outflows and Strategy's first bitcoin sale since 2022 removed buyers that had supported the price. The break below the round number overnight did not turn into a deeper breakdown, with the token recovering more than $1,500 off the low.
The selloff that drove the dip started outside crypto. Friday's nonfarm payrolls report came in solid, and rather than cheering the strength, markets repriced the Federal Reserve outlook hard. Swaps now fully price a rate increase by the end of 2026, a reversal from the cuts expected under newly confirmed chair Kevin Warsh. Two-year Treasury yields jumped 12 basis points to 4.16%, the dollar rose, and risk assets fell.