Bitcoin recovered to $61,000 during Asian trading hours on June 6, following a sharp, single-day liquidation cascade. The event wiped out approximately $1.6 billion in leveraged crypto positions over the previous 24 hours.
The catalyst was a stronger-than-expected U.S. jobs report. The economy added 172,000 jobs in June, surpassing the 130,000 forecast. This robust labor data reduces the likelihood of near-term Federal Reserve interest rate cuts, pressuring risk assets.
The Nasdaq 100 fell about 5% on June 5, and Bitcoin followed, briefly dropping to $59,227. Of the liquidations, $534 million were Bitcoin longs and $423 million were Ether longs. Altcoins suffered larger weekly losses, with Ether down roughly 21.6% and Solana dropping about 23.7%.
Bitcoin remains in a consolidation phase below $61,000. Fed officials have signaled no urgency on rate cuts, and recent outflows from spot Bitcoin ETFs have reduced buying support. Reports of potential Bitcoin sales from MicroStrategy have also weighed on market sentiment.
Analysts note the liquidation event cleared overleveraged long positions, potentially creating a firmer base. The $60,000 level is now critical support; holding above it is seen as constructive for the market structure.