Bitcoin rose above $61,000 after a US jobs report triggered $1.6 billion in liquidations across crypto exchanges, the largest single-day cascade in three months. The move reversed a slide that had pushed BTC below $60,000 in late June as macro pressures weighed on risk assets.
Bitcoin rose 3.2% to $61,200 after a US jobs report triggered $1.6 billion in liquidations, the largest single-day cascade since April.
"The liquidation event flushed out excess leverage that had accumulated during the June selloff, clearing the path for a relief rally," analysts at Coinglass said.
The jobs data revived expectations for a Federal Reserve rate cut later this year, pushing the dollar lower and lifting risk assets broadly. Bitcoin's 24-hour trading volume reached $38.7 billion, well above the $26.7 billion average recorded in late June. Open interest across crypto derivatives fell to $21.6 billion from a May peak of $31.3 billion, Coinglass data shows. Long positions accounted for roughly 65% of the $1.6 billion in total liquidations.
The move brings Bitcoin back above the $60,000 level it lost in late June, but the asset remains about 30% below its record of $126,277. A sustained break above $61,800 would open a path toward the mid-$60,000s, while a failure to hold $60,000 could trigger a retest of the $58,000 to $59,000 support zone.
The liquidation cascade was concentrated on Binance and OKX, which together accounted for more than $1 billion of the total, according to Coinglass. The majority of forced closures hit long positions that had been opened during the June downtrend, when traders bet on a bounce that failed to materialize until the jobs report.
Bitcoin's correlation with equities, which had frayed in recent weeks as BTC underperformed the S&P 500, appeared to reassert itself during the session. The Nasdaq 100 rose 1.2% on the day, while the dollar index fell 0.4% to 100.80, providing a tailwind for crypto and other dollar-denominated assets.
Strategy (MSTR), the software firm turned Bitcoin treasury company, rose 7.5% in sympathy, while Strive (ASST) gained more than 10% at its session high. Both stocks trade as leveraged proxies for Bitcoin and tend to amplify its daily moves.
The next catalyst for Bitcoin comes later this week with the release of Federal Reserve meeting minutes, which could provide further clarity on the rate path. Traders are also watching for any shift in spot ETF flows, which have posted six consecutive weeks of net outflows totaling roughly $6 billion.
This article is for informational purposes only and does not constitute investment advice.
