Bitcoin fell to $59,100 with sharp sales on Friday and hit its lowest level in 2026. Then came the reaction purchases above the $60,000 threshold. As of Saturday, BTC had stabilized around $60,702 and was down about 1% on a daily basis.
US data puts pressure on risky assets
The decline was driven by stronger-than-expected data on the US labor market. Nonfarm payrolls in May increased by 172,000, exceeding expectations of 85,000. April data was also revised upward by 64,000 people. This picture strengthened the expectation in the markets that the US Federal Reserve might cut interest rates later. As a result, bond yields rose, the dollar gained value, and assets sensitive to risk appetite remained under pressure.
Sales also attracted attention on the stock side. The Nasdaq 100 index fell nearly 5%, while the S&P 500 index fell 2.6%. Crypto assets have also been affected by this widespread flight trend.
There was a liquidation of $1.6 billion in the market
The intense selling wave in the cryptocurrency market triggered a rapid chain of liquidations in leveraged transactions. According to CoinGlass data, approximately $1.6 billion worth of positions were closed in the last 24 hours. The biggest loss was experienced in upward transactions. More than $500 million was liquidated on the Bitcoin side and over $400 million on the Ethereum side.
Mini dictionary: Liquidation is the automatic closing of the position by the exchange in case of insufficient collateral in leveraged transactions. CoinGlass is a data platform that tracks open position, funding rate and liquidation data in crypto derivatives markets.
| Indicator | Data |
|---|---|
| Total liquidation | $1.6 billion |
| Bitcoin liquidation | over $500 million |
| Ethereum liquidation | over $400 million |
A similar picture occurred in altcoins. Ethereum has lost more than 20% of its value in the last seven days. Solana, XRP, Dogecoin and BNB also recorded double-digit declines during the same period.
Market analyst Daan Crypto Trades stated that Bitcoin gave back its entire spring rally and pointed out that the rise was gradual and the decline was much sharper.
The amount of Bitcoin in loss increased to 10.46 million
On-chain data analyst Ali Charts pointed out a closely watched indicator in the market. According to the analyst, 10.46 million BTC is currently in the loss zone. It was reported that this level coincided with important market bottoms in the past.
Ali Charts evaluated that as the amount of coins held at a loss increases, the selling pressure may weaken, which may increase the possibility of bottom formation.
Strategy sales and ETF exits increase pressure
Another development that increased the uneasiness in the market came from the Strategy front. The company announced that it sold some of its Bitcoin assets for the first time since 2022. Although it was stated that the sale covered a limited part of the total portfolio, it raised the question of whether new sales would come from a prominent player among corporate buyers. Strategy has long been known for holding large amounts of Bitcoin on its balance sheet.
The outflow of money in spot Bitcoin ETFs traded in the USA for consecutive weeks also indicated that an important support on the demand side had weakened. Analyst Exitpump interpreted the fact that funding rates are approaching negative as an early signal that sellers are starting to lose their power. The $60,000 level is now being closely watched in the market to see if it can be maintained.
