Bitcoin Slides Below $60,000 After $1.5B in Liquidations
Bitcoin fell below the $60,000 mark on Tuesday, deepening a 10-day selloff that has wiped roughly $19,000 from its price as crypto-wide selling accelerated.
Liquidations surged as BTC broke key support. More than $155 million in long positions were wiped out in a single hour, while total crypto liquidations reached about $1.5 billion over the past 24 hours.
The drop followed stronger-than-expected U.S. labor data, which weighed on rate-cut expectations. The U.S. economy added 172,000 nonfarm payrolls in May versus forecasts of 85,000. The unemployment rate held at 4.3%, and March and April payrolls were revised up by a combined 93,000.
Bitcoin traded near $61,884 shortly after the report, down 2.54% on the day, before slipping under $60,000.
Deribit: $60,000 Is a Key Options Strike
Deribit Chief Commercial Officer Jean-David Péquignot said $60,000 is a pivotal level for Bitcoin options markets. Over $1.2 billion in notional open interest is concentrated in put options at that strike on Deribit. He warned that a sustained move below $60,000 could push market makers to hedge short gamma by selling spot Bitcoin or futures. High leverage could also amplify additional long liquidations if prices keep weakening.
Commentator Peter Schiff said Bitcoin's near-term support around $61,000 failed quickly and expects further downside. He added that weakness in crypto and technology stocks was spilling into other markets, including precious metals.
Saylor Backs Bitcoin Treasury Strategy as Losses Mount
Michael Saylor said the Bitcoin community should stay unified across differing views as BTC's decline increases pressure on Strategy's Bitcoin holdings. He described Bitcoin as a global monetary network spanning individuals, institutions, corporations, banks, capital markets and nation-states. Saylor grouped supporters into maximalists, capitalists, technologists and fundamentalists, arguing Bitcoin needs conviction, integration, innovation and preservation to reach its full potential.
Strategy's unrealized losses have risen above $12.7 billion as BTC trades below the firm's average purchase price.
CryptoQuant CEO Ki Young Ju said criticism should focus more on older whales than on Saylor. He estimated OG whales sold about 1.24 million BTC to Saylor and ETFs over the past two years, versus Strategy's sale of only 32 BTC. Ju argued Strategy's buying absorbed more than 700,000 BTC that might otherwise have reached the market, calling the "death spiral" narrative around Strategy overstated based on current data.
MVRV Drops to 1.19 as Market Stress Builds
The value of U.S. government-held Bitcoin also declined during the selloff. Glassnode data cited in market commentary put the stash at $20.8 billion, down from a $40.7 billion peak in October. The holdings were largely accumulated via seized criminal assets, while a strategic Bitcoin reserve was ordered in March 2025.
On-chain metrics point to continued strain. Bitcoin's MVRV ratio has fallen to 1.19. Readings below 1.0 are typically associated with undervaluation, while higher levels indicate stronger profitability.
Analysts are also tracking moving-average signals on MVRV. A recent "death cross" between the 4,000-day moving average and the 365-day moving average suggests downside risk persists. Similar setups in prior cycles also coincided with periods where gradual accumulation strategies became more relevant for long-term investors.
Bitcoin now faces a key test near $59,000. A break lower could trigger more hedging flows and liquidations. To stabilize, BTC would need to reclaim resistance around $65,000 after the jobs-driven selloff.
