Key Highlights
- BTC plunged to $59,100, marking the lowest price point of 2026, before climbing back over $60,000
- Crypto markets experienced $1.6 billion in forced liquidations, primarily affecting long positions
- Robust US employment figures dampened Federal Reserve rate cut expectations, pressuring risk-on assets
- Crypto analyst Ali Charts highlights that 10.46 million BTC now sits underwaterâa metric historically linked to market lows
- Strategy executed its first Bitcoin sale since 2022, introducing fresh uncertainty into the market
Bitcoin hit its 2026 nadir on Friday, briefly sliding to $59,100 before demand materialized and lifted prices back beyond the $60,000 threshold. By Saturday afternoon, BTC was changing hands near $60,702, representing a modest 1% decline over 24 hours.
The downturn stemmed from unexpectedly robust US employment statistics. May’s nonfarm payrolls came in at 172,000âsignificantly exceeding the consensus estimate of 85,000. Additionally, April’s figures received an upward revision of 64,000 jobs. This economic resilience diminished the likelihood of near-term Federal Reserve interest rate reductions, sending Treasury yields and the dollar climbing while pressuring speculative assets universally.
The tech-heavy Nasdaq 100 plummeted approximately 5%, marking its sharpest single-day decline since April 2025. The S&P 500 fell 2.6%. Cryptocurrency markets couldn’t escape the broader selloff.
Massive $1.6 Billion Liquidation Wave
Intense selling pressure across digital asset markets triggered rapid-fire liquidations of leveraged trades. According to CoinGlass data, roughly $1.6 billion in positions were forcibly closed within a 24-hour window, with bullish bets absorbing the majority of losses. Bitcoin alone represented more than $500 million in liquidations, while Ether contributed over $400 million.
Altcoins suffered comparable damage. Ether has shed more than 20% across the past seven days. Solana, XRP, Dogecoin, and BNB all registered double-digit percentage losses during the same timeframe.
Market participant Daan Crypto Trades observed on X that Bitcoin had completely reversed its April/May gains. “Really was a case of stairs up elevator down,” he commented.
Crypto analyst Ali Charts identified a significant on-chain indicator. He pointed out that 10.46 million BTC currently trades below its cost basisâa threshold that has historically signaled impending market bottoms.
“Selling pressure often begins to fade as fewer investors are willing to realize losses, increasing the probability of a market bottom forming,” he explained on X.
Strategy Executes First Bitcoin Sale in Years
Compounding market anxiety, Strategy revealed it had divested Bitcoin holdings for the first time since 2022. While the transaction represented only a fraction of its substantial portfolio, the move sparked speculation about potential future sales from one of cryptocurrency’s most prominent institutional holders.
US spot Bitcoin ETFs have registered consistent outflows throughout the previous two weeks, eliminating a crucial demand pillar that had bolstered valuations during earlier months.
Market participants are maintaining close surveillance of the $60,000 price level. Analyst Exitpump observed that funding rates were trending toward negative territory, interpreting this as “early signs of seller exhaustion.”
As of Saturday afternoon, Bitcoin was trading at $60,702.
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