Bitcoin Struggles to Hold $60,000 Support Amid Sell Pressure
- Bitcoin (BTC) is down nearly 5%, approaching its February low at $60,000.
- The cryptocurrency has recorded six consecutive daily losses, exceeding the total decline from the April/May rally.
- US nonfarm payrolls data revealed an addition of 172,000 jobs in May, significantly surpassing expectations of 85,000.
- April’s jobs figure was revised upward by +64,000 jobs, marking a strong labor market report.
- Market analysts are observing signs of “seller exhaustion” as funding rates approach negative territory.
The current market dynamics show Bitcoin struggling to maintain its position at $60,000 amid persistent sell-side pressure and macroeconomic factors such as robust job growth in the US. These developments impact investor sentiment and liquidity in the crypto space.
With Bitcoin nearing a critical support level at $60,000 and facing significant selling pressure, traders remain cautious as they monitor market conditions closely. (Source)
