In a dramatic turn of events on June 7, 2026, Bitcoin (BTC) plummeted to a 2026 low of $59,100, only to see a slight recovery above the $60,000 mark. As of Saturday, BTC was trading at approximately $60,702, reflecting a modest 1% decline on the day.
The sharp selloff was predominantly fueled by stronger-than-anticipated U.S. jobs data. The economy added 172,000 jobs in May, significantly surpassing the projected 85,000, with April’s figures also revised upward by 64,000. This economic strength has diminished the likelihood of imminent Federal Reserve rate cuts, contributing to a surge in Treasury yields and the U.S. dollar, which adversely affected risk assets, including cryptocurrencies.
The Nasdaq 100 index fell roughly 5%—its steepest decline since April 2025—while the S&P 500 experienced a 2.6% drop. Crypto markets were not spared, mirroring the broader market turmoil.
$1.6 Billion Liquidated in 24 Hours
The crypto market witnessed a staggering $1.6 billion in liquidations within a single day, primarily affecting leveraged long positions. Data from CoinGlass shows that Bitcoin accounted for over $500 million of these liquidations, with Ether following closely at over $400 million.
Other cryptocurrencies were also hit hard, with Ether experiencing a more than 20% drop over the past week. Notable declines were observed across major altcoins such as Solana, XRP, Dogecoin, and BNB, all of which reported double-digit losses during the same timeframe.
Trader Daan Crypto Trades expressed his observations on social media, remarking that BTC had essentially erased its gains from the April and May rallies. ‘It was really a case of stairs up, elevator down,’ he commented.
On-chain analyst Ali Charts highlighted a significant market indicator, noting that 10.46 million BTC are currently held at a loss. Historically, such conditions have often preceded market bottoms, as selling pressure tends to diminish when fewer investors are willing to realize their losses.
‘Selling pressure often begins to fade as fewer investors are willing to realize losses, increasing the probability of a market bottom forming,’ he stated.
Strategy’s First Bitcoin Sale Since 2022
Compounding the market’s uncertainty, the investment strategy firm known as Strategy announced it had sold Bitcoin for the first time since 2022. Although the sale constituted a minor portion of its total holdings, it raised concerns regarding potential further sales from this significant long-term holder.
Additionally, U.S. spot Bitcoin ETFs have seen outflows over the past two weeks, removing a support mechanism that previously bolstered prices earlier this year.
Market participants are keenly observing the $60,000 support level. Commentator Exitpump noted that funding rates are nearing negative territory, which they interpret as early signs of seller exhaustion.
As of Saturday afternoon, Bitcoin was last recorded at $60,702, with traders and analysts alike watching closely to see if the worst has truly passed.
