Bitcoin back above $61,000 after rout leads to $1.6 billion liquidations

📰 CoinDesk


➡️ Neutral

AI Summary

Bitcoin dropped to $59,227 overnight but has recovered back above $61,000. The selloff was triggered by Friday's strong jobs report, which caused broad market weakness across stocks, bonds, and crypto, resulting in $1.6 billion in liquidations.

Market Impact

The recovery above $61,000 suggests buying interest at lower levels, but the correlation with traditional markets during the selloff shows Bitcoin remains vulnerable to macro economic data. Short-term volatility likely to continue as markets digest the jobs data implications.

💡 Trader Note: Watch the $61,000 level as key support – a break back below could retest the $59,227 low, while holding above suggests the recovery may continue.