Bitcoin recovers $61,000 as markets shake off jobs report rout

Bitcoin is clawing its way back after a brutal overnight slide saw prices bottom out at $59,227. The crash didn't happen in a vacuum; Friday's aggressive U.S. labor market data sent investors sprinting for the exits, dragging the Nasdaq 100 down by 5% and sparking a cross-asset fire sale. This volatility wasn't cheap for over-leveraged traders, as the sudden price swings triggered a staggering $1.6 billion in liquidations across the board. The recovery suggests some dip-buyers are stepping in, but the carnage in the bond and stock markets shows just how tightly crypto is currently tethered to macroeconomic fears. While the digital gold narrative remains popular, Bitcoin's immediate reaction to the jobs report proved it's still acting like a high-beta growth stock. Now that the dust from the $1.6 billion wipeout is settling, the market's focus shifts to whether this $61,000 level can actually act as a floor. Will the liquidations serve as a necessary flush or just the start of a deeper slide?