Here's the move: $BTC dipped as low as $59,227 overnight before clawing its way back. Right now we're trading at $61,303, down 1.9% on the day. In between? Roughly $1.6 billion in liquidations got torched in a 36-hour stretch, according to CoinDesk.
So what actually lit the fuse? It wasn't crypto-specific. Friday's jobs report came in strong — and that's exactly what set off the selloff. CoinDesk reports the Nasdaq 100 dropped about 5% as stocks, bonds and crypto all sold off together. When the print is hot, the market starts pricing out rate cuts, and risk assets get hit across the board. Bitcoin didn't get a pass.
The levels that matter
This is the part I keep coming back to: $59K held. That wash down to $59,227 tested the line and we bounced. That's not nothing — but I'm not popping champagne over it either.
- $59,000 — the support that just got tested. Hold it, and the structure stays intact.
- $61,000–$61,300 — where we're sitting now, the reclaim level after the rout.
- Below $59K — that's where the technical damage widens and Q3 gets a lot more uncertain.
What it means
The story here isn't a broken Bitcoin — it's a correlated Bitcoin. When a jobs report can drag $BTC down alongside the Nasdaq, you're not trading crypto anymore, you're trading macro. That's the read I'm respecting right now.
Like I've said, I buy fear, not euphoria. A flush like this is where opportunity tends to show up. But don't be a hero on the first red candle — a $1.6B liquidation cascade leaves scar tissue, and bounces inside a downtrend are normal. I'd rather see $59K hold on a retest than chase this reclaim back above $61K.
My honest take: the setup favors a hold here, but the macro overhang means I'm keeping invalidation tight under $59K. Lose that, and I'm patient — not catching the knife. Stay tuned.
The Right Trader publishes market commentary and opinion, not financial advice. Always do your own research.