Bitcoin Crashes Below $60,000 as Hot Jobs Report Triggers $1.5B Liquidations

Bitcoin price has fallen below $60,000 today, extending its 10-day decline to roughly $19,000 as a stronger-than-expected U.S. jobs report prompted traders to scale back expectations for Federal Reserve rate cuts and price in a higher probability of policy tightening later this year. Selling pressure accelerated across the crypto market, with more than $155 million in crypto long positions liquidated within 60 minutes and between $1.5 billion and $1.7 billion over the past 24 hours, adding to volatility as $BTC moved below the key $60,000 support area for the first time since 2024.

The U.S. economy added 172,000 nonfarm payrolls in May, well above market expectations of 85,000. The unemployment rate held steady at 4.3%, while March and April payrolls were revised higher by a combined 93,000 jobs. Stronger labor data can reduce expectations for Federal Reserve rate cuts, which may pressure risk assets. Bitcoin traded near $61,884 shortly after the report, down about 2.54% over 24 hours, before slipping to an intraday low of around $59,100 on June 5 and stabilizing near $59,400 at press time.

BNP Paribas added to the hawkish narrative this week after abandoning its expectation for stable monetary policy and forecasting three Federal Reserve rate hikes beginning in December. The bank cited persistent inflation risks, firm employment conditions, and the potential impact of the ongoing U.S.-Iran conflict on energy prices. Following the jobs report, Polymarket assigned a 52% probability to a Fed rate increase before year-end, while CME FedWatch showed a 42.7% chance that rates will be higher by December.

Derivatives markets amplified the selloff as leveraged positions unraveled. CoinGlass data showed that more than $155 million in crypto long positions were liquidated within a single hour, while total liquidations topped $1.7 billion over the past 24 hours. Forced selling accelerated after Bitcoin lost the $60,000 level, triggering liquidation engines across major exchanges. $1.2 billion in notional open interest is tied to put options at the $60,000 strike on Deribit, and a sustained move below that level could force market makers to hedge short gamma exposure by selling spot Bitcoin or futures contracts.

Bitcoin Tests $60,000 Options Level. Deribit Chief Commercial Officer Jean-David Péquignot said $60,000 is a key level for Bitcoin options markets, with more than $1.2 billion in notional open interest tied to put options at that strike. Elevated leverage across perpetual futures markets may increase the risk of further long liquidations if the price continues to weaken. Peter Schiff said Bitcoin's short-term support near $61,000 did not last long and expects more decline, arguing that selling pressure in crypto and technology stocks was affecting other markets, including precious metals.

Traditional safe-haven assets failed to attract buyers during the risk-off move. Gold fell roughly 3.5% while silver dropped 7.5%, suggesting investors were reducing exposure across multiple asset classes rather than rotating capital into precious metals. Institutional flows offered one of the few signs of stabilization. U.S. spot Bitcoin ETFs recorded roughly $3 million in net inflows on June 4, ending a 13-day streak of withdrawals that had drained $4.37 billion from the funds, per data from SoSoValue. Although the inflow was modest, it interrupted the longest period of sustained selling pressure from ETF investors this year.

Strategy also returned to the spotlight as Bitcoin traded below the firm's average acquisition cost. The company's unrealized losses have climbed above $12.7 billion, renewing debate around corporate Bitcoin treasury strategies. Michael Saylor said the Bitcoin community needs to unite across different ideologies as $BTC weakness raised pressure on Strategy's position, describing Bitcoin as a global monetary network used by individuals, institutions, corporations, banks, capital markets and nation-states. Saylor grouped Bitcoin supporters into maximalists, capitalists, technologists and fundamentalists, and said Bitcoin needs conviction, integration, innovation and preservation to reach its full potential.

CryptoQuant CEO Ki Young Ju pushed back against concerns surrounding Strategy's position, arguing that long-term whales have been a much larger source of supply. "Strategy bought over 700K $BTC from OG whales and only sold 32 $BTC," Ju wrote, noting that OG whales sold about 1.24 million $BTC to Saylor and ETFs over the past two years, compared with Strategy's sale of only 32 $BTC. Ju argued that Strategy's buying helped absorb more than 700,000 $BTC that might otherwise have hit the market, and that the "death spiral" narrative around Strategy appears overstated based on current data.

MVRV Signals Accumulation Watch Zone. On-chain valuation metrics show market stress, with Bitcoin's MVRV ratio dropping to 1.19. A reading below 1.0 is usually associated with undervaluation, while higher readings indicate stronger market profitability. Analysts are watching moving average crosses on MVRV after a recent death cross between the 4,000-day moving average and the 365-day moving average suggested further downside risk remains, though similar conditions in past cycles also marked periods where gradual accumulation strategies became more relevant for long-term investors.

The value of U.S. government Bitcoin holdings has also fallen during the market decline. Glassnode data cited in market commentary placed the stash at $20.8 billion, down from a $40.7 billion peak in October. The holdings were built mainly through seized criminal assets, while a strategic Bitcoin reserve was ordered in March 2025.

Bitcoin now faces a major test near $59,000. A breakdown could bring more hedging flows and liquidations, while a recovery would require $BTC to reclaim the $65,000 resistance after the jobs-driven selloff.