Bitcoin Slides to Fresh Bear Market Low Near $60,000

Bitcoin, the first and largest cryptocurrency by market capitalization, hit a new low on Friday, tumbling below February's floor of $60,062. The asset dropped as low as $59,073 — its lowest print since October 2024. Analysts wasted no time in dubbing it a "fresh Bitcoin bear market low," because nothing dresses up a red candle quite like a catchy label.

The drop followed a strong U.S. jobs report that pushed markets to price in higher-for-longer interest rates. Treasury yields and the dollar climbed, stocks took the hit, and crypto came along for the ride, as is tradition.

Bitcoin finished the week down 16%, weighed down by a record streak of Bitcoin ETF outflows and a noticeable break from its usual dominant narratives.

By Asian morning hours on Saturday, Bitcoin had clawed back to $61,000, steadying after Friday's sharp selloff across stocks, bonds, and crypto. The largest cryptocurrency was hovering around that level, down roughly 1.3% on the day.

"Fresh Bitcoin bear market low," tweeted Julio Moreno, CryptoQuant's Head of Research, as Bitcoin logged its deepest contraction of the cycle. Fresh Bitcoin bear market low. https://t.co/rCLavKDxU3 — Julio Moreno (@jjcmoreno) June 5, 2026

According to CryptoQuant, global Bitcoin demand has hit its worst level this cycle — meaning since the previous bear market — with total demand at -501,000 BTC.