Bitcoin Clawed Back Above $63k—The Hard Questions Start Now
Friday left marks. Not the kind that fade by Monday morning.
Bitcoin (CRYPTO: BTC) opened the new week trading around $63,310, up roughly 4% from where it had been gasping for air just two days earlier. The recovery sounds cleaner than it felt. What actually happened between Thursday and Sunday was one of the most disorderly stretches of crypto trading since the FTX implosion in late 2022, and a 4% Monday bounce does not quietly undo the kind of structural damage that $390 billion in erased market cap and nearly $7 billion in liquidated leverage leaves behind.
The low that Friday printed was $59,100. For a market that had spent weeks defending $60,000 as though the entire bull case depended on it, watching that level break and keep going was genuinely unsettling. Ethereum did not escape either, touching ground near $1,505 that it had not visited since early 2023. Most of the major altcoins moved in the same direction with roughly the same speed. When the floor gives way in crypto, it tends to give way everywhere at once.
The Week That Broke the $60,000 Floor
Understanding Monday’s bounce requires understanding what caused Thursday through Saturday in the first place, because the selling did not arrive from nowhere.
Two data points hit the market in sequence and neither of them was forgiving. First came May inflation numbers that ran warmer than analysts had penciled in, quietly killing whatever remaining hope existed that the Federal Reserve might signal rate relief before year-end. Then the May jobs report showed up and made the inflation problem look almost secondary. The economy generated 172,000 new jobs in May against a consensus forecast sitting around 85,000. The unemployment rate stayed at 4.3%. A labor market printing numbers like that does not give …
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