Live - Bitcoin has reclaimed over $3,000 from its low during the weekend, after buyers defended the $60,000 level, and a wave of short covering helped push prices back above $63,000.
Bitcoin is trading near $62,700 on June 8th, after briefly dipping below $60,000 on June 6th, marking its first breach of that level since 2024.
This recovery came after one of the weakest stretches for the digital currency this year, where the crypto lost nearly 19,000 bucks in just 10 days, marking a weekly decline of about 14.6%.
The pressure mounted after the U.S. Department of Labor reported the addition of 172,000 new jobs in the non-farm sectors for May, a figure that far exceeded expectations of 85,000 jobs.
The revised numbers added another 93,000 jobs to the previous two months, bolstering expectations that the Federal Reserve may hold onto its hawkish stance for a longer period.
Market expectations tightened after BNP Paribas dropped its previous forecasts for stable interest rates, predicting three rate hikes from the Fed starting in December.
The bank pointed to ongoing concerns about inflation, a strong labor market, and risks associated with the ongoing U.S.-Iran conflict.
With sentiment deteriorating, leveraged positions were rapidly liquidated.
Data from 'CoinGlass' showed over 155 million dollars in long liquidations in crypto within just one hour, while total liquidations exceeded 1.7 billion dollars in 24 hours.
Selling accelerated once Bitcoin dipped below the 60,000 dollar mark, pushing the crypto fear and greed index to its lowest level in years at 8.#BTC #BTC走势分析 @Bedrock #bedrocke
Institutional demand declined during the downturn.
'Crypto Quant' reported that nearly 40 billion dollars flowed out of the Bitcoin ecosystem in a short period as capital rushed into U.S. stocks, especially big players in the AI sector.$BTC
