Bitcoin Price Sinks 6% to $59.8k on Aggressive Crypto Selloffs
Bitcoin price (BTC) is down 6.12% to $59,821 on Friday amid aggressive crypto selloffs, underperforming a broader market decline and primarily driven by a hawkish reaction to strong U.S. jobs data.
A stronger-than-expected U.S. jobs report reduced expectations for Federal Reserve rate cuts, pushing Treasury yields and the dollar higher, which tightened liquidity for risk assets like Bitcoin.
The May 2026 U.S. nonfarm payrolls report showed 172,000 new jobs, far exceeding the 85,000 expectations. This robust data caused markets to price in a higher probability of zero Fed rate cuts in 2026, boosting the dollar and yields while draining liquidity from speculative assets.
The sharp price drop triggered significant liquidations, forcing out over-leveraged bullish positions. Bitcoin saw $190.45 million in long liquidations alone in 24 hours, contributing to a negative feedback loop of selling.
The market was positioned for a bounce, but the macro shock turned those bets into forced sellers, accelerating the decline. A stabilization or decline in total open interest, which would signal deleveraging is slowing.
Bitcoin is testing a critical support band between $59,000 and $60,000. Holding this area is crucial for near-term stability. The next major trigger is the weekly close; a failure to reclaim $61,000 could invite further downside toward the $55,000–$57,000 range.
The trend is bearish, but the market is deeply oversold, setting up for a potential relief rally if macro pressure eases. A reclaim of the $61,310 level (yesterday’s low) is the first sign of buyer strength returning.
Bitcoin’s drop is a compound result of a macro liquidity shock and a violent reset of leveraged positioning. The key to a reversal lies in a shift in Fed expectations or a capitulation of the remaining speculative long bets.
