Morning Minute: Bitcoin Bounces Back After Dropping Under $60K

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile. Always do your own research before making any investment decisions.

According to Yahoo Finance and Decrypt, Bitcoin broke below $60,000 for the first time since 2024, dropping as low as $59,101 on Friday. That sudden breach triggered a cascade of forced liquidations across the crypto market, with $5.3 billion of leveraged long positions wiped out since Monday — $1.1 billion coming from Bitcoin alone, per CoinDesk. Buyer interest returned rapidly, sending Bitcoin as high as $64,200 by Monday. MicroStrategy took advantage of the panic, purchasing $101 million worth of Bitcoin following the breach. These large institutional inflows and renewed retail participation have started to stabilize prices above key support levels. So, fast reversals and huge volumes show just how reflexive markets have become.

Yahoo Finance reported that Bitcoin sank by 7% to hit $59,101 on Friday, breaching the $60,000 psychological threshold not seen since Donald Trump’s 2024 presidential victory. Traders responded quickly to the sharp decline. By Monday, Bitcoin had powered up to $64,200, reversing much of Friday’s loss in less than 72 hours. MicroStrategy — led by Michael Saylor — disclosed a $101 million acquisition immediately after prices breached $60,000, marking their latest large-scale purchase during volatile market conditions.

Market Sachs cited by Yahoo Finance say these recurring institutional buys are actively constructing a new trading floor near $60,000. The original cryptocurrency remains down about 50% from its October 2025 high above $126,000, anchoring the current rebound in a broader context.

Coin Prices

Decrypt reports the selloff engulfed other cryptocurrencies as well, with Ethereum plunging 15% to $1,750 and Solana dropping to $69. That pain wasn’t confined to majors. XRP struggled the most among big coins, giving up over 20% of its recent value while smaller-cap altcoins and DeFi protocols tumbled even harder as panic rippled through the ecosystem.

$1.1 billion — Bitcoin derivatives liquidated (June 6-7).

Snapback rallies following the initial drop managed to offset some short-term losses, but the market still hasn’t recovered the ground lost since October’s $126,000 record, data from Yahoo Finance shows.

Thursday Marked Among Worst Days in Crypto History

Decrypt confirmed that over $1.1 billion in Bitcoin derivatives were wiped out on Thursday — making it one of the most aggressive liquidation events in recent crypto memory. Ethereum’s retreat to $1,750 and Solana’s collapse to $69 revealed how quickly capital can evaporate in heavily leveraged environments. During these wild moves, market participants endured extreme risk-off dynamics, with bid-ask spreads widening and liquidity vanishing at crucial price levels. The Friday slide to $59,101 cemented the session as a historic inflection point for crypto valuations.

CoinDesk reported more than $5.3 billion in leveraged long positions have been liquidated from Monday through Friday, impacting both institutional and retail traders. The only event of comparable scale was the January–February 2026 crash, which saw Bitcoin plummet from $90,000 to $60,000 in just a week.

Bitcoin broke $60K, taking out the low from Feb. 2025. At just below $59,750, Bitcoin was at its lowest since Oct. 2024, wiping out all of its post-Trump-election gains. Bottom fishers sent the price back above $61K. If today’s low is taken out, prepare for a Crypto Black Monday.

— Peter Schiff (@PeterSchiff) June 5, 2026

📉 Bitcoin Erases Trump Pump

According to CoinDesk, Bitcoin’s quick plunge beneath $60,000 on Friday erased nearly all price gains made since the 2024 presidential election, sometimes called the “Trump pump.” That single day, $1.4 billion in liquidations slammed crypto derivatives — throttling Bitcoin and Ethereum hardest. The Block observed that sidelined retail buyers quickly returned near $60,000, their renewed interest sparked by round-number support.

The sudden reversal and flood of buy orders highlight that “psychological anchoring” sticks around — even through massive market shocks. Round numbers act as magnets, pulling capital off the sidelines as fear and greed whiplash back and forth. Still, Decrypt relayed Stifel’s analysis warning that Bitcoin could slip to $38,000 if macro headwinds intensify or deleveraging carries on. Buyer resilience at key levels faces strong challenges from uncertainty and aggressive downside pressure.

The $60,000–$64,000 zone could become the new battleground for both bulls and bears.

🌎 Macro Markets

According to Decrypt’s market data, traders now assign a 65% probability that Bitcoin revisits $55,000 before making a run above $84,000. Those odds reveal deep-seated risk aversion and a market largely driven by defensive positioning. When uncertainty spikes, oversized moves occur at the same time across asset types.

65% — Chance BTC hits $55K before $84K.

💰 Token, Airdrop & Protocol Tracker

Decrypt highlighted how the latest volatility battered experimental tokens, DeFi coins, and recent protocol airdrops. While Bitcoin and Ethereum suffered steep drawdowns, smaller projects and new Layer-2 protocols took even deeper hits on scarce liquidity.

Based on Decrypt’s data, newer, high-beta assets are still stunningly sensitive to market whiplash — with many plunging 25% or more in just a day. Experienced traders now draw a sharp line between established protocols (like Bitcoin and Ethereum) and upstart or thinly traded projects, dropping their exposure to illiquid coins until volatility subsides.

🚚 What’s Happening in NFTs?

NFT collections took their lumps too, as Decrypt reported sharp drops in floor prices and a clear decline in transaction volumes. Once the speculative inflows evaporated under crypto price pressure, premium collections that recently commanded headline prices lost momentum — many dropped by double-digit percentages in just days.

Timeline: Major Events in the Past Week

This week’s headlines have set key reference points for traders and investors coping with historic volatility. New inflection points arrived daily, from cascading liquidations to major institutional buying. , CoinDesk, and Yahoo Finance tracked every critical swing in this unfolding liquidation and rebound cycle.

1. Monday: CoinDesk counted $5.3 billion in leveraged longs at risk, foreshadowing forced liquidations midweek.
2. Thursday: Over $1.1 billion in liquidations slammed Bitcoin, while Ethereum and Solana hit lows of $1,750 and $69, according to Decrypt.
3. Friday: Yahoo Finance confirmed Bitcoin’s drop to $59,101, its lowest since 2024, setting off a scramble to find support.
4. Friday: MicroStrategy announced a $101 million Bitcoin buy on the heels of the breach — institutional conviction in action.
5. Monday: Yahoo Finance reported a rapid bounce, with Bitcoin surging to $64,200 and buyers racing back in.

Market Watch: Downside Scenarios and Analyst Outlook

Stifel strategists are still warning Bitcoin could find support as low as $38,000 if market stress escalates. At the same time, options market data puts a 65% chance Bitcoin tests $55,000 before reaching $84,000, capturing prevailing skepticism about rebound durability. These scenarios represent a dramatic shift from only eight months ago, when Yahoo Finance tracked Bitcoin peaking at over $126,000.

Takeaways and Forward Outlook

Recent volatility has totally redrawn support and resistance zones for Bitcoin and the major cryptocurrencies alike. Yahoo Finance points to Bitcoin’s sharp plunge to $59,101 and rebound to $64,200 as the clearest signs of how quickly markets can flip between panic and hope. Ethereum and Solana suffered even sharper losses, trading 15–20% off their weekly highs. CoinDesk tracked $5.3 billion in forced liquidations, while options data puts the odds of fresh downside at center stage.

Right now, capital flows show investors are sticking with large-cap assets while more speculative bets and recent airdrops lag — and MicroStrategy’s $101 million buy sends a fresh signal of institutional commitment. However, NFT and DeFi sectors face shrinking liquidity and fading risk tolerance, waiting for fresh signals before capital returns. Analysts caution that if choppy conditions persist, Bitcoin could revisit $38,000, but opportunistic buyers might defend higher levels if they sense conviction returning. The $60,000 floor hangs in the balance.