Bitcoin dropped below 60000 on June 5 amid stronger than expected US jobs figures and ongoing capital shifts toward AI.
Bitcoin traded near 60000 after the May US employment report showed nonfarm payrolls rising 172000 well above the 85000 consensus estimate while unemployment held at 4.3 percent. The data pushed Treasury yields and the dollar higher reducing expectations for near term Federal Reserve rate cuts. Spot Bitcoin ETFs recorded roughly 345 billion in outflows over 11 consecutive sessions. Strategy sold 32 Bitcoin for 25 million its first sale in four years to fund dividend payments on its preferred stock. Zcash plunged more than 40 percent after a critical vulnerability in its shielded pool was disclosed. Bitcoin maximalists including Mati Greenspan and Michael Saylor attributed the broader crypto weakness to speculative capital rotating into AI projects rather than any fundamental issue with Bitcoin. Liquidations exceeded 14 billion in long positions during the week with some signs of seller exhaustion and retail accumulation appearing near the 60000 level.
