Bitcoin managed to rebound above $61,000 after a significant drop that saw it fall to $59,227. This decline was triggered by a robust U.S. jobs report, which caused market participants to anticipate higher interest rates for an extended period. The subsequent selloff led to a liquidation of approximately $1.6 billion in positions across the crypto market, impacting major cryptocurrencies like ether, which dropped by 21.6%, and solana, down 23.7%. The liquidation event affected around 308,000 traders, with Bitcoin alone accounting for $534 million in liquidations. Despite the recovery, concerns linger about Bitcoin's ability to maintain its position above $60,000, as it approaches a critical level that could determine its future trajectory. The broader market also suffered, with the Nasdaq 100 experiencing its steepest decline since April 2025, falling about 5%. Active addresses in the Bitcoin network reached a four-month high, suggesting ongoing interest despite the volatility.