Bitcoin finally clawed its way back from a multi-year low after a fast selloff. The coin sits around $61,000 after dipping to just over $59,000, which TradingView charts in the CryptoPotato piece describe as the lowest level since before the November 2024 US presidential elections.
The rebound matters because it pulled attention back to risk appetite. Even so, CryptoPotato reports that most altcoins still sit in the red on a daily basis. The market is stabilizing, but it is not broadly healed.
Bitcoin stops the bleeding, but the timeline stays ugly
CryptoPotato traces bitcoin’s decline across a brutal stretch. It says BTC was above $82,000 in mid-May. It then fell to about $74,000 by the end of that month. In early June, the selloff accelerated, with CryptoPotato noting that BTC lost multiple support levels in sequence. Those breaks ran through $70,000, $68,000, $65,000, and $62,000, before the price came close to the $60,000 level that held during the February crash.
Yesterday, CryptoPotato says buyers initially defended $60,000, then failed. BTC dropped to just over $59,000 before bouncing back to around $61,000. CryptoPotato also cites that BTC’s market cap is up to $1.225 trillion on CoinGecko, and that BTC dominance has reclaimed the 56% level.
That dominance read is a quiet signal. When Bitcoin regains relative strength, weaker alt positions often struggle to follow unless they have their own catalyst.
Pi token: fresh all-time lows, then a technical rebound
Pi Network’s PI token is one of the few names in CryptoPotato’s roundup that shows a rebound after making new lows. The piece says PI printed several consecutive all-time lows after dumping below $0.15 earlier this week.
CryptoPotato places the “latest” price, based on CoinGecko data, at under $0.12. It then says PI has reclaimed that level since the low and now trades about 7% above the ATL.
A rebound after an ATL is not a validation of fundamentals. It just means sellers paused, at least for the moment. Still, the pattern is consistent with the broader tape CryptoPotato describes, where BTC stabilizing tends to help the most oversold alt positions first.
Zcash takes the security hit, then snaps back
CryptoPotato’s market watch also ties price action to a specific incident for Zcash. The piece says ZEC became the worst performer after “a vulnerability in its code was uncovered” and that Arthur Hayes “dumped his entire stash.”
CryptoPotato reports ZEC plunged from around $630 to under $300 at one point, a move of over 50%. It then says ZEC reacted quickly and now trades above $370.
That sequencing matters for risk readers. When a reported vulnerability hits, traders typically price in worst-case outcomes before any mitigations are proven. CryptoPotato does not provide more technical detail on the vulnerability, so readers should treat the price bounce as a market response, not confirmation that the underlying issue is resolved.
Market snapshot from the weekend watch
CryptoPotato’s roundup also includes other major coins and the overall market size.
| Metric | Level (as reported by CryptoPotato) | Source inside article |
|---|---|---|
| BTC price | ~ $61,000 | TradingView (BTCUSD June 6 referenced) |
| BTC low | just over $59,000 | TradingView (context) |
| BTC dominance | ~ 56% | CG mention in the piece |
| BTC market cap | $1.225T | CoinGecko (CG) |
| ZEC | above $370 after dropping >50% | CryptoPotato narrative |
| PI price | ~7% above ATL, under $0.12 at the latest | CoinGecko mention |
| Total market cap | ~$2.1T then below $2.2T | CoinGecko and QuantifyCrypto references |
What to watch next
CryptoPotato does not frame this as a recovery story. It frames it as a rebound from a sharp drawdown, with Bitcoin leading and alts catching up unevenly.
For PI holders, the concrete data point in this report is narrow. PI reclaimed the sub-$0.12 area after printing consecutive all-time lows and now sits about 7% above that ATL, according to CoinGecko data cited by CryptoPotato.
For the broader market, the key detail is the origin of the move. CryptoPotato anchors BTC’s bounce to a low near $60,000 that finally broke before buyers stepped in again. Until BTC holds those levels on a sustained basis, most alt recoveries in a weekend watch are likely to look more like pauses than reversals.