Bitcoin Back Above $61,000 After Rout Leads to $1.6 Billion Liquidations

Why It Matters

The liquidation wave highlights crypto’s exposure to macro‑driven risk sentiment and leveraged positions, while Bitcoin’s bounce tests a key technical support that could shape market direction for the coming weeks.

Key Takeaways

• Bitcoin rebounded above $61k after $1.6 billion liquidations.
• Futures and ETF outflows pressured Bitcoin, but buyers halted the decline.
• Strong U.S. jobs data spurred rate‑hike expectations, hurting risk assets.
• Ether and other altcoins fell over 20% weekly, deepening crypto sell‑off.
• Over 300,000 traders saw $1.6 billion wiped out in 24 hours.

Pulse Analysis

The recent surge back above $61,000 marks Bitcoin’s resilience after a volatile week triggered by the June 7 U.S. non‑farm payrolls report. The strong jobs numbers forced markets to reassess the Federal Reserve’s policy trajectory, pushing two‑year Treasury yields to 4.16% and prompting a broad risk‑off that dragged equities, bonds and crypto lower. While the Nasdaq 100 plunged roughly 5% and chip stocks fell 10%, Bitcoin briefly slipped beneath the psychologically important $60,000 mark before buyers stepped in, lifting it by more than $1,500.

The price swing translated into a massive leverage unwind, with CoinGlass estimating $1.6 billion liquidated across roughly 308,000 traders in a single day. Long positions bore the brunt, accounting for $1.21 billion of the total, while Bitcoin alone saw $534 million in contracts wiped out. The fallout spread to other digital assets: Ether dropped 21.6% over seven days, and Solana, XRP and BNB each lost between 13% and 24%. Such broad‑based sell‑offs underscore how tightly crypto is linked to macro‑driven risk sentiment and margin dynamics.

Looking ahead, the $61,000 level serves as a critical pivot. A sustained hold could invite fresh buying and set the stage for a test of the $65,000‑$70,000 range, where previous resistance has aligned with institutional interest in Bitcoin ETFs. Conversely, a decisive break below $60,000 would re‑expose the token to the February‑era downtrend and likely trigger further liquidations among leveraged traders. Investors should monitor Fed policy cues, upcoming earnings in the AI sector, and on‑chain metrics to gauge whether the current bounce is a temporary relief or the start of a more durable recovery.