TLDR
Bitcoin (BTC) dropped below 60,000 USD after a stronger than expected US jobs report shifted markets into risk-off mode.
- BTC briefly traded around 59,800 to 59,900, its first break under 60,000 since 2024, during a broad crypto and equity selloff.
- The May US jobs report added about 172,000 jobs, roughly double forecasts, boosting rate hike odds and pushing yields and the dollar higher, which pressured BTC.
- Beyond jobs data, ETF outflows, a high-profile institutional sale, and a Zcash security scare all worsened sentiment, so the next key signals are macro prints, ETF flows, and whether BTC can reclaim 60,000.
Confidence: high because multiple independent market and macro reports align on the figures and drivers.
Deep Dive
1. BTC Breaks 60,000 Support
Multiple outlets report that Bitcoin fell below 60,000 on 5 June, with intraday lows near 59,750 to 59,825 on major venues like Coinbase and Binance, its first sub-60,000 print since October 2024. Reports note BTC was down roughly 5 to 6 percent on the day and about 17 to 18 percent over the previous week, leaving it more than 50 percent below its October 2025 all time high around 126,000. This move also coincided with BTC testing longer term technical zones such as the 200 week moving average near 61,000.
60,000 is acting as a major psychological and technical line; losing it even briefly can accelerate liquidations and change how traders frame the current cycle.
2. Why Strong Jobs Data Hits Bitcoin
The May US nonfarm payrolls report showed about 172,000 new jobs versus consensus around 80,000 to 90,000, with unemployment roughly steady near 4.3 percent and wages up 0.3 percent month on month. That upside surprise pushed US Treasury yields toward about 4.5 percent on the 10 year and drove markets to price a much higher probability of a Federal Reserve rate hike later this year, while largely removing near term rate cut hopes. Crypto and macro outlets link this to a broad risk off move in stocks, gold, and Bitcoin, with BTC described as falling below 60,000 as traders rotated toward cash and bonds and away from higher risk assets.
Strong jobs data is bad news for Bitcoin in the short run because it supports higher for longer interest rates, tightening liquidity that BTC historically benefits from.
3. Other Pressures And What To Watch
Macro is not the only drag. Recent weeks saw sustained outflows from spot Bitcoin ETFs, plus a widely covered sale of BTC by a major listed holder for the first time in years, which dented the never sell narrative. At the same time, a critical vulnerability disclosure and crash in Zcash shook confidence in crypto security more broadly, adding to stress in altcoins while BTC slid. Analysts also highlight heavy liquidations (over a billion dollars in crypto positions) and options positioning around the 60,000 strike as amplifying the move.
Key things to monitor now are:
- Whether BTC can quickly reclaim and hold above 60,000 or whether that level becomes resistance.
- Upcoming US inflation data and the next Fed meeting, which could soften or reinforce the higher rate narrative.
- Direction of spot ETF flows and funding/liquidation data, which show whether forced sellers are exhausted.
If yields and the dollar stay elevated and ETF flows remain negative, BTC could struggle to build a durable floor; a reclaim of 60,000 with improving flows would signal stabilization.
Conclusion
Bitcoins drop below 60,000 stems mainly from a strong US jobs report that raised expectations for tighter monetary policy, pulling liquidity away from risk assets. That macro shock hit an already fragile crypto backdrop shaped by ETF outflows, institutional selling, and security worries, magnifying the move. The durability of this break now depends on how upcoming macro data, ETF flows, and price action around 60,000 evolve.
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