Bitcoin Rebounds Above $61,000 After $59,227 Low and $1.6B Liquidations

Bitcoin recovered above $61,000 in Asian trade on June 6 after plunging to an intraday low of $59,227 overnight. The rebound follows a brutal week-long sell-off that erased more than 17% as stronger-than-expected May jobs data (+172k) reduced rate-cut odds and triggered sustained ETF outflows. Spot Bitcoin ETFs recorded 13 straight days of withdrawals totaling $4.4 billion, while MicroStrategy’s sale of 32 BTC and a critical Zcash vulnerability amplified fear, driving $1.6 billion in leveraged liquidations and wiping over $400 billion from crypto market value. Bitcoin dominance rose as altcoins suffered steeper losses.