Bitcoin fell below $60,000 as a weekly selloff tested crypto leverage

Bitcoin broke the $60,000 line

Bitcoin traded below $60,000 on June 6, 2026, extending a week of heavy losses before recovering above that threshold by the end of the UTC session. Coinbase Exchange's BTC-USD daily candle opened at $61,031.98, reached a low of $59,448.45, and recorded a final trade of $60,850.48 for the 24-hour bucket beginning at 00:00 UTC.

Those figures make the day's movement precise without pretending that crypto has a single official close. On Coinbase, the low was 2.59% below the opening trade, the final trade was 0.30% below the open, and the rebound from the low to the final trade was 2.36%. These are Coinburn calculations from one venue's USD spot pair, rounded to two decimal places. They are not a consolidated global bitcoin price.

CoinDesk's contemporaneous report recorded a lower cross-market trough of $59,227 and said bitcoin had recovered to about $61,000 in Asian trading. The difference between that figure and Coinbase's $59,448.45 low is expected in a fragmented, continuously traded market: venues use different order books, timestamps and index methods.

A weekly drawdown met a macro shock

The June 6 move completed a severe seven-day decline. Coinbase's BTC-USD candle recorded a $73,770.69 final trade on May 30 and $60,850.48 on June 6, a 17.51% decrease between those UTC endpoints. That measurement describes one pair and one window; it does not establish a universal weekly return.

The immediate backdrop was the U.S. employment report released on June 5. The Bureau of Labor Statistics said May nonfarm payrolls increased by 172,000, unemployment held at 4.3%, and average hourly earnings rose 0.3% from April and 3.4% from a year earlier. It also revised the March and April payroll gains upward by a combined 93,000. Those facts supported the view that labor conditions had not weakened enough to force easier monetary policy.

CoinDesk attributed the broader risk-asset selloff to investors repricing the interest-rate outlook after the employment data, while also identifying persistent spot-bitcoin ETF outflows and Strategy's first bitcoin sale since 2022 as crypto-specific pressure. That causal account was a contemporaneous market interpretation, not something the Coinbase candle or the labor report can prove by themselves.

Leverage amplified the move

CoinDesk, citing CoinGlass, estimated that about $1.60 billion of crypto positions were liquidated over the 24 hours preceding its June 6 report, including $1.21 billion of long positions. It attributed $534 million of liquidations to bitcoin and said roughly 308,000 traders were affected across the market.

Those numbers should be treated as an aggregator estimate rather than an audited total. Liquidation trackers combine reported data from covered derivatives venues; they may omit platforms, use changing venue coverage, and count liquidation events rather than unique beneficial owners. The figures are useful for scale, but they do not show that forced liquidations caused every leg of the price decline.

Why June 6 mattered

The break below $60,000 mattered less as a round-number spectacle than as evidence that bitcoin was trading as part of a wider macro risk complex. In the same episode, expectations about employment and rates moved alongside equities, bonds and digital assets, while crypto leverage accelerated the adjustment.

The recovery above $60,000 within the UTC session also cautioned against reading an intraday breach as a settled trend. What was verifiable on June 6 was a sharp, venue-dependent drawdown and a large reported liquidation wave. Whether the threshold would hold, whether ETF flows would reverse, and whether monetary-policy expectations would stabilize remained open questions. No later price path or policy outcome is used here to answer them.