Bitcoin Rebounds Above $61,000 After Market Selloff Triggers $1.6 Billion in Liquidations

Bitcoin regained the $61,000 level during Saturday trading after falling to an overnight low of $59,227, easing fears of a deeper correction in the crypto market. The recovery came after a sharp selloff driven by strong U.S. economic data that pressured stocks, bonds and digital assets.

$BTC was down around 1.3% on the day but managed to recover more than $1,500 from its lowest level. Traders had been closely watching the $60,000 support zone after Bitcoin spent much of the week moving lower amid record ETF outflows and concerns following Strategy’s first Bitcoin sale since 2022.

Strong Jobs Report Shakes Financial Markets

The market decline accelerated after a stronger-than-expected U.S. nonfarm payrolls report led investors to scale back expectations for interest rate cuts. Instead, traders began pricing in the possibility of higher interest rates for longer, pushing the two-year Treasury yield to 4.16% and strengthening the U.S. dollar.

Technology stocks were hit particularly hard, with the Nasdaq 100 falling about 5%, while a major semiconductor index dropped 10%.

Crypto Market Suffers Heavy Liquidations

Volatility led to approximately $1.6 billion in liquidations across the crypto market within 24 hours, affecting more than 308,000 traders. Long positions accounted for $1.21 billion of the losses.

Bitcoin recorded roughly $534 million in liquidations, while Ethereum saw $423 million. Ether fell 21% over the past week to around $1,575, while Solana dropped 23% to $63.

Traders Watch Key Bitcoin Support Level

Although Bitcoin quickly reclaimed $60,000 after briefly breaking below it, analysts say the level remains critical. A sustained move below that price could open the door to further downside, while continued buying support may help stabilize the market after one of its most volatile weeks of the year.