Bitcoin Slips Under 200-Week Average After Strong U.S. Jobs Data Jolt

Bitcoin broke below its 200-week moving average, a closely watched long-term gauge, as spot prices fell under $61,000 for the first time since the 2022 bear-market low. The slide has dragged BTC down about 17% over the past seven days and more than 25% versus its 30-day range, according to CoinGecko. At publication, Bitcoin changed hands near $60,839, more than 50% below its record high of $126,080 set in October 2025. The move came within hours of a stronger-than-expected U.S. jobs report that prompted investors to rethink the timeline for Federal Reserve rate cuts. The Bureau of Labor Statistics said nonfarm payrolls rose by 172,000 in May, well above the roughly 85,000 consensus forecast. The unemployment rate was unchanged at 4.3%. 200-Week Moving Average in Focus The 200-week moving average is widely tracked as a long-term trend line and marked the lows of Bitcoin bear cycles from 2015 through 2020. After breaking below it in June 2022, Bitcoin stayed under the level for about 16 months before recovering in late 2023. CoinGlass puts the current 200-week reading near $61,000. Market technicians typically place greater weight on a weekly close below the line than on an intraday dip. As of Friday, Bitcoin had touched the level but had not yet closed a weekly candle below it. A $60,000 Options "Wall" Deribit data show more than $1.1 billion in notional open interest at the $60,000 put strike, the largest concentration at any single strike. Those puts are often used to hedge against a deeper drawdown, but the positioning can also amplify moves: as market makers delta-hedge short-put exposure, they may mechanically sell spot BTC or futures as price approaches $60,000, adding downside pressure. The week has already seen heavy forced selling. CoinGlass reports more than $617 million in Bitcoin long liquidations over the past 24 hours, while broader crypto liquidations have exceeded $737 million, with BTC accounting for the bulk. Saylor Calls It a Rotation Strategy executive chairman Michael Saylor, whose company holds 843,706 BTC per CoinGecko, offered a different read on the pullback. Writing on X on Thursday, Saylor argued that capital markets are deploying funds into AI infrastructure at historic scale—about $400 billion over six months—and that Bitcoin's weakness reflects a rotation of capital rather than a deterioration in the asset. "This is a capital rotation, not a Bitcoin impairment. Volatility creates opportunity," he wrote. The Defiant has reported on Strategy's recent treasury activity, including a bond purchase earlier this month, as the company's Bitcoin-focused approach continues to evolve. Macro Backdrop Friday's May employment report served as the immediate catalyst, with the payrolls beat sharply lowering expectations for a near-term Fed cut. Easier policy is generally viewed as supportive for risk assets, including crypto. After the 8:30 a.m. ET release, futures markets moved to price in fewer cuts through year-end. The data also landed as some trackers described 2026's worst week for Bitcoin so far. The largest U.S. spot Bitcoin ETFs have logged net outflows for more than 11 straight sessions, with roughly $3.5 billion pulled from the products over that period.