Bitcoin price has fallen below $60,000 today, extending its 10-day decline to about $19,000 as selling pressure accelerated across the crypto market. More than $155 million in crypto long positions were liquidated within 60 minutes and $1.5 billion in the last 24 hours, adding to volatility as $BTC moved below the key $60,000 support area.
The decline followed stronger-than-expected U.S. jobs data. The U.S. economy added 172,000 non-farm payrolls in May, above market expectations of 85,000. The unemployment rate stayed at 4.3%, while March and April payrolls were revised higher by a combined 93,000 jobs.
Stronger labor data can reduce expectations for Federal Reserve rate cuts, which may pressure risk assets. Bitcoin traded near $61,884 shortly after the report, down about 2.54% over 24 hours, before slipping below $60,000.
Bitcoin Tests $60,000 Options Level
Deribit Chief Commercial Officer Jean-David Péquignot said $60,000 is a key level for Bitcoin options markets. More than $1.2 billion in notional open interest is tied to put options at that strike on Deribit.
A move below $60,000, like we have witnessed today, could force market makers to hedge short gamma exposure by selling spot Bitcoin or futures. Elevated leverage may also increase the risk of further long liquidations if the price continues to weaken.
Peter Schiff said Bitcoin’s short-term support near $61,000 did not last long and expects more decline. He argued that selling pressure in crypto and technology stocks was affecting other markets, including precious metals.
Michael Saylor Defends Bitcoin Treasury Model
Michael Saylor said the Bitcoin community needs to unite across different ideologies as $BTC weakness raised pressure on Strategy’s Bitcoin position. He described Bitcoin as a global monetary network used by individuals, institutions, corporations, banks, capital markets and nation-states.
Saylor grouped Bitcoin supporters into maximalists, capitalists, technologists and fundamentalists. He said Bitcoin needs conviction, integration, innovation and preservation to reach its full potential.
Strategy’s unrealized losses have climbed above $12.7 billion as $BTC falls below its average acquisition price. However, CryptoQuant CEO Ki Young Ju said criticism over Bitcoin’s decline should focus more on older whales than on Saylor. He said OG whales sold about 1.24 million $BTC to Saylor and ETFs over the past two years, compared with Strategy’s sale of only 32 $BTC.
Ju argued that Strategy’s buying helped absorb more than 700,000 $BTC that might otherwise have hit the market. He said the “death spiral” narrative around Strategy appears overstated based on current data.
MVRV Signals Accumulation Watch Zone
The value of U.S. government Bitcoin holdings has also fallen during the market decline. Glassnode data cited in market commentary placed the stash at $20.8 billion, down from a $40.7 billion peak in October. The holdings were built mainly through seized criminal assets, while a strategic Bitcoin reserve was ordered in March 2025.
On-chain valuation metrics also show market stress. Bitcoin’s MVRV ratio has dropped to 1.19. A reading below 1.0 is usually associated with undervaluation, while higher readings indicate stronger market profitability.
Source: X
Analysts are watching moving average crosses on MVRV. A recent death cross between the 4000-day moving average and the 365-day moving average suggests further downside risk remains. However, similar conditions in past cycles also marked periods where gradual accumulation strategies became more relevant for long-term investors.
Bitcoin now faces a major test near $59,000. A breakdown could bring more hedging flows and liquidations, while a recovery would require $BTC to reclaim the $65,000 resistance after the jobs-driven selloff.
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