Bitcoin reclaimed the $61,000 level during Asian trading Saturday after briefly falling below $60,000 overnight. The digital asset dropped as low as $59,227 before buyers stepped in, recovering more than $1,500 off the low.
The bounce came as traders watched the key $60,000 support level. The selloff originated outside crypto after Friday's strong nonfarm payrolls report led markets to aggressively reprice Federal Reserve expectations. Swaps now fully price a rate hike by the end of 2026, a major shift from the rate cuts expected under newly confirmed Chair Kevin Warsh.
The Nasdaq 100 sank about 5%, its steepest drop since April 2025. A gauge of chipmakers tumbled 10%. Two-year Treasury yields jumped 12 basis points to 4.16%.
The leverage washout was heavy: roughly $1.6 billion in positions liquidated across 308,000 traders over 24 hours. Longs accounted for $1.21 billion of that total. Bitcoin alone saw $534 million in liquidations, while ether lost $423 million.
Ether is down 21.6% over seven days to around $1,575. Solana fell 23.7% to $63. XRP, dogecoin, and BNB are all 13% to 20% lower.
The question now: can bitcoin build on this bounce, or will a retest of $60,000 break the level and send the token back to territory last seen during February's drawdown?