Bitcoin Rebounds After Sub-$60k Drop as Jobs, AI Liquidity Drain and Saylor Selloff Weigh

Bitcoin rebounded after falling below $60,000 for the first time since Oct 2024. Friday’s low hit about $59,227, before dip buyers lifted price back toward the low-$63k area. The selloff triggered heavy liquidations (over $1.6B), while ETH, SOL and several altcoins saw sharp drawdowns. Traders point to three main drivers behind the initial weakness: (1) stronger US jobs data and Fed repricing, with the CME FedWatch showing a 42.7% chance of higher rates by December, plus upcoming CPI and the first FOMC meeting on June 16–17; (2) an “AI capital vacuum,” as large tech fundraising (Google, Meta and now SpaceX) pulls liquidity away from risk assets, with Mati Greenspan, Michael Saylor and others blaming the AI spending cycle for crypto outflows; and (3) a narrative shift after Strategy’s first Bitcoin sale in four years, breaking the “never sell” behavioral support. On the market calendar, SpaceX’s IPO (June 12) is expected to raise about $75B at roughly $1.75T valuation, and the Nasdaq-100 fast-entry rule may force index funds to buy within 15 sessions—potentially extending near-term risk-asset rotation. Meanwhile, crypto-specific catalysts offered pockets of relief: ZEC surged roughly 45% after Zcash teams proposed the “Ironwood” upgrade to address the Orchard privacy pool vulnerability, aiming for activation by end-July 2026. On crypto policy, the US House Ways and Means Committee circulated seven crypto tax bills ahead of a hearing. ETF flows also remained a headwind: Bitcoin ETFs saw net outflows of $325M on Friday and $1.72B for the week.