Bitcoin fell below $60,000 on June 5, 2026, dropping to its lowest level since October 2024 as a stronger-than-expected U.S. jobs report crushed hopes for near-term interest rate cuts and triggered a broad crypto selloff.
The largest cryptocurrency by market cap slid to $59,909 intraday, according to reporting from Decrypt, marking a roughly 6% drop on the day and an 18.5% decline over the preceding week.
The breach of $60,000, a closely watched psychological threshold, had not occurred since October 2024, when Bitcoin briefly dipped below $59,000 before recovering. The move intensified fear across the broader crypto market, with the Fear & Greed Index plunging to 12, deep into “Extreme Fear” territory.
A Hot Jobs Report Killed the Rate-Cut Narrative
The primary catalyst was the June 5 employment report from the U.S. Bureau of Labor Statistics, which showed nonfarm payrolls rose by 172,000 in May 2026, with the unemployment rate holding steady at 4.3%. The stronger-than-expected labor data shifted rate expectations hawkishly, removing a key bullish pillar for risk assets.
The selloff did not begin on Friday. CoinDesk reported on June 4 that Bitcoin had already fallen to roughly $63,000, its lowest since February 24, with prices down more than 14% that week. The jobs data simply accelerated an existing downtrend, similar to the pattern seen when Bitcoin, Ether, and Cardano hit monthly lows after a prior jobs report.
Nicolai Sondergaard of Nansen summarized the macro bind facing Bitcoin:
“Strong jobs data kills the rate cut narrative. Bitcoin, already down 15% and sitting on uncleared leveraged longs, has no macro catalyst to recover into, and Middle East tensions are keeping risk appetite soft across markets.”
Nicolai Sondergaard, Nansen
U.S.-listed spot Bitcoin ETFs, the main institutional demand proxy, had already recorded 13 consecutive sessions of outflows heading into Friday’s data release, compounding selling pressure. The ETF dynamic matters because these products now represent a significant channel for institutional capital, a topic explored in depth when Grayscale filed its Canton Coin ETF.
Why Losing $60,000 Matters Now
The $60,000 level has served as a key support zone since Bitcoin first reclaimed it in early 2024. Breaking below it signals a shift in short-term market structure and opens the door to further downside if buyers fail to defend the zone.
By the time research for this article was verified, Bitcoin had already bounced back to $61,830, still down roughly 2.5% over 24 hours but above the headline threshold.
The rebound does not erase the damage. BTC dominance stood at roughly 56%, suggesting altcoins were hit harder in the selloff. The Zcash ecosystem experienced its own turmoil alongside Bitcoin’s drop, though whether that vulnerability materially deepened BTC’s decline remains unclear, according to market commentary.
The evolving regulatory landscape adds another layer of uncertainty. The House Ways and Means Committee recently released seven crypto tax drafts, and the interplay between fiscal policy, monetary expectations, and digital asset markets continues to tighten.
For traders, the immediate question is whether the bounce above $60,000 holds through the weekend or whether the macro headwinds that drove the selloff, persistent labor strength, stalled rate cuts, and sustained ETF outflows, push prices to retest the lows.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
