Bitcoin Reclaims $61,000 After Market Selloff
- Bitcoin dipped to a low of $59,227 before recovering to around $61,000, down about 1.3% on the day.
- The recent selloff was triggered by a strong U.S. jobs report that influenced market expectations regarding Federal Reserve rate hikes.
- Over the past week, Bitcoin faced significant pressure due to record ETF outflows and a notable sale by Strategy.
- Liquidations across the crypto market totaled approximately $1.60 billion in just one day, with Bitcoin liquidations at $534 million.
- Other cryptocurrencies like Ether and Solana saw declines of over 20% during the same period.
The sharp decline in cryptocurrency prices was compounded by broader market reactions to economic data, leading to significant liquidations and losses across various tokens.
With Bitcoin briefly dipping below $60,000 but recovering quickly, traders are now watching closely for further movements around this critical level.(Source)
