Bitcoin recaptured the 61,000 dollar level during Saturday morning’s Asian trading session, bouncing back after briefly dipping below 60,000 dollars overnight. The crypto market had seen sharp selling across stocks, bonds, and digital assets after stronger than expected jobs data was released in the United States on Friday.
Swift recovery after overnight drop
During the day, Bitcoin touched a low of 59,227 dollars. After hitting this level, buyers stepped back in and lifted the price back to around 61,000 dollars. Despite this bounce, the daily loss for Bitcoin remained at approximately 1.3 percent.
Bitcoin’s rebound came from a closely watched support zone, after it had steadily declined towards the 60,000 dollar threshold over the course of the week. The market faced intense pressure from record outflows in spot Bitcoin ETFs and the first sale of Bitcoin by Strategy since 2022, weakening buying interest. The brief fall below 60,000 dollars overnight didn’t spiral into a deeper selloff; instead, the price recovered by more than 1,500 dollars from the low.
Although Bitcoin moved below 60,000 dollars overnight, its rapid rebound suggested that, for now, the market has avoided a more entrenched breakdown.
Sell-off triggered outside the crypto market
This wave of selling did not originate within the crypto markets. After Friday’s strong nonfarm payroll report, the market rapidly revised its expectations about the Federal Reserve’s rate path. The swap market began pricing in a full rate hike by the end of 2026. This shift marks a departure from previous expectations of rate cuts under recently confirmed Fed Chair Kevin Warsh.
Yields on two-year US Treasury bonds climbed 12 basis points to 4.16 percent. As the US dollar strengthened, broader risk assets sold off sharply, and crypto assets mirrored this risk-off sentiment.
Mini glossary: The swap market is where investors price expectations for future interest rates using derivatives. A basis point measures interest rate changes; 100 basis points equals one percent.
Altcoins see deeper weekly losses
Some of the steepest declines hit AI-linked stocks, with the Nasdaq 100 shedding roughly 5 percent for its sharpest daily drop since April 2025. An index tracking chipmakers dropped 10 percent, while the S&P 500 lost 2.6 percent, ending a streak of ten straight weekly gains.
Cryptocurrency markets also finished the week deep in the red. Ether fell 21.6 percent over seven days, landing near 1,575 dollars. Solana slid 23.7 percent to 63 dollars. Losses in XRP, Dogecoin, and BNB ranged between 13 and 20 percent. Even Hyperliquid’s HYPE token, which had shown relative resilience in previous sell-offs, lost 9.9 percent over the same period. Hyperliquid is known as a platform focused on decentralized derivatives trading.
| Asset | 7-day performance | Approximate price |
|---|---|---|
| Ether | Down 21.6% | 1,575 dollars |
| Solana | Down 23.7% | 63 dollars |
| HYPE | Down 9.9% | Not disclosed |
In the short term, the key focal point for Bitcoin will be whether the reclaimed 60,000 dollar level can hold if tested again.
The critical question for the market now is whether Bitcoin’s latest bounce can be sustained. A renewed drop below 60,000 dollars could bring prices back to areas last seen during the February correction.
