TLDR
- Bitcoin fell to a 2026 low of $59,100 before rebounding above $60,000
- A $1.6 billion liquidation event wiped out leveraged long positions across crypto markets
- Strong US jobs data reduced hopes for Fed rate cuts, hitting risk assets hard
- Analyst Ali Charts says 10.46 million BTC are now held at a loss — a level that has historically preceded market bottoms
- Strategy sold Bitcoin for the first time since 2022, adding to market uncertainty
Bitcoin dropped to its lowest point of 2026 on Friday, touching $59,100 before buyers stepped in and pushed the price back above $60,000. As of Saturday, BTC was trading around $60,702, down about 1% on the day.
The selloff was driven by stronger-than-expected US jobs data. The economy added 172,000 jobs in May, more than double the 85,000 forecast. April’s number was also revised up by 64,000. That strength reduced expectations for Federal Reserve rate cuts, which pushed Treasury yields and the US dollar higher and weighed on risk assets across the board.
The Nasdaq 100 dropped roughly 5%, its steepest fall since April 2025. The S&P 500 slid 2.6%. Crypto was caught in the same wave.
$1.6 Billion in Liquidations
Heavy selling in crypto wiped out leveraged positions fast. Data from CoinGlass showed approximately $1.6 billion in liquidations over 24 hours, with long positions taking the bulk of the hit. Bitcoin accounted for over $500 million of those liquidations. Ether accounted for over $400 million.
Other coins also fell hard. Ether has dropped more than 20% over the past week. Solana, XRP, Dogecoin, and BNB all posted double-digit declines over the same period.
Trader Daan Crypto Trades noted on X that BTC had now erased the entire April/May rally. “Really was a case of stairs up elevator down,” he wrote.
Analyst Ali Charts flagged a key on-chain signal. He noted that 10.46 million BTC are now held at a loss — a level that has historically preceded major 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 wrote on X.
Historically, Bitcoin has tended to form major bottoms when more than 10 million coins are held at a loss.
That threshold has now been reached, with 10.46 million $BTC currently underwater.
I believe this is an important signal because selling pressure often begins to fade as… https://t.co/DrCgCzTDqF pic.twitter.com/x4VDZx2DFd
— Ali Charts (@alicharts) June 7, 2026
Strategy Sells BTC for First Time Since 2022
Adding to the pressure, Strategy disclosed it had sold Bitcoin for the first time since 2022. The sale was a small portion of its total holdings, but it raised questions about whether more sales could follow from one of crypto’s largest long-term holders.
US spot Bitcoin ETFs have also seen outflows over the past two weeks, removing a demand source that helped support prices earlier in the year.
Traders are watching the $60,000 level closely. Commentator Exitpump noted that funding rates were approaching negative territory, which they described as “early signs of seller exhaustion.”
Bitcoin was last recorded at $60,702 as of Saturday afternoon.
Be the first to comment