Overview
- Bitcoin slid to roughly $60,000 after a multi‑day selloff that erased about half of its peak value and produced roughly $1.6 billion in liquidations across crypto exchanges, with over $500 million of that tied to Bitcoin.
- The selloff followed stronger‑than‑expected U.S. payrolls, which reduced expectations for Federal Reserve rate cuts, lifted Treasury yields and prompted broad selling in risk assets that spilled into crypto markets.
- Demand that had supported prices weakened as U.S. spot Bitcoin ETFs logged outflows and the large Bitcoin treasury known as Strategy disclosed it sold a small portion of its holdings, increasing pressure on liquidity.
- On‑chain metrics signaled potential floor zones: about 10.46 million BTC are now held at an unrealized loss, Bitcoin has fallen below the 200‑week moving average and analyst CVDD work points to a likely bottom band near $46,000–$54,000 with a deeper worst case near $35,000–$40,000.
- Market structure is fragile so the next moves will depend on flows and large‑holder behavior; a pause in selling could trigger a rapid short squeeze, while further outflows or big sales would extend downside risk and more liquidations.