Bitcoin has recovered to approximately $61,000 in Asian morning trading on Saturday after briefly breaking below $60,000 overnight — touching a low of $59,227 before buyers stepped in and drove a more than $1,500 recovery off the session low. The rebound provides technical relief after one of the most damaging weeks for crypto markets since July 2024, but the broader picture of record ETF outflows, heavy leverage washouts, and a macro environment increasingly hostile to risk assets leaves the recovery looking fragile rather than definitive.
Bitcoin was trading down approximately 1.3% on the day at around $61,000, having reclaimed the psychologically critical $60,000 level that traders had been watching all week.
What caused the overnight crash
The selloff that drove Bitcoin to $59,227 did not originate in crypto. Friday's nonfarm payrolls report — 172,000 jobs added against an 85,000 forecast, the third consecutive consensus-beating month — prompted markets to aggressively reprice the Federal Reserve outlook. Swaps now fully price a rate increase by end-2026, a dramatic reversal from the rate cuts that had been expected under newly confirmed chair Kevin Warsh. Two-year Treasury yields jumped 12 basis points to 4.16%. The dollar rose. Risk assets fell across the board.
The damage was most severe in the AI trade that had been carrying global equity markets. The Nasdaq 100 sank approximately 5% — its steepest single-day decline since April 2025. A gauge of chipmakers tumbled 10%. The S&P 500 fell 2.6% and failed to complete its anticipated tenth straight weekly gain. The AI exuberance that had driven equities to record highs while crypto bled lower finally cracked, and when it did, it pulled crypto down with the rest of risk assets rather than providing a floor.
The liquidation cascade: $1.6 billion, 308,000 traders
CoinGlass data shows approximately $1.60 billion in positions liquidated over 24 hours across roughly 308,000 traders — one of the largest single-day liquidation events of the current cycle. Long positions accounted for $1.21 billion of the total, confirming that the market had been positioned for a Bitcoin defense of the $60,000 level that failed to hold before recovering.
Bitcoin saw $534 million in liquidations — the largest share of any single asset. Ether followed at $423 million. Zcash, in the middle of its own 44% collapse tied to the disclosed Orchard privacy pool bug, logged another $115 million in liquidations. The combination of macro-driven selling and crypto-specific negative events — the Zcash exploit disclosure and Arthur Hayes selling his firm's entire ZEC position — created a particularly damaging convergence.
The weekly damage across major tokens
The seven-day performance figures reveal the full scale of what has been crypto's worst week since July 2024. Ether is down 21.6% over seven days to around $1,575 — approaching the critical $1,420 level that served as its April 2025 bottom before a four-month rally to record highs. Solana has fallen 23.7% to $63. XRP, Dogecoin, and BNB are all between 13% and 20% lower on the week. Hyperliquid's HYPE, which had outperformed through most of the recent market weakness, gave back gains with a 9.9% weekly decline.
Bitcoin's weekly loss of approximately 15% represents its worst seven-day performance since the same July 2024 period that serves as the comparison point for the current selloff.
The $60,000 question: defense or delay
With $60,000 briefly pierced overnight and then quickly reclaimed, the market faces the question that will define the near-term trajectory. Bitcoin's recovery from $59,227 to $61,000 is technically constructive — it shows that buyers exist at the February cycle low zone and that the break below did not trigger a cascading breakdown. The 14-day RSI remains in oversold territory below 30, a reading that has preceded meaningful recoveries in August 2024, November 2025, and February 2026.
But the macro backdrop that drove the overnight crash has not changed. Rate hikes are now fully priced for year-end. The Fed meets June 17 — the first meeting under Warsh — with one more CPI reading on June 11 as the last data point before that decision. The record 13-day ETF outflow streak that ended with a tiny $3 million inflow on Thursday is too small to call a regime change. And Ether is still approaching the $1,420 level that, if broken, would open 2022 bear market territory.
Whether Bitcoin can build on the $61,000 bounce or whether the $59,227 low becomes a waypoint on the way to Monarq Asset Management's $45,000 scenario will depend on the June 11 CPI data and the signals that come out of the June 17 FOMC meeting. Those two events — the last inflation reading before the first Warsh Fed decision — are now the most important scheduled catalysts for crypto markets in 2026.
Brian
Weiliang
Miyuki
Alex