Bitcoin Struggles to Maintain $60,000 Support Amid Market Pressure
- Bitcoin (BTC) has seen a price decline of nearly 5%, nearing its February low at $60,000.
- The cryptocurrency is currently on its sixth consecutive day of losses, significantly down from the April/May rally.
- US nonfarm payrolls data revealed an addition of 172,000 jobs in May, exceeding expectations of just 85,000.
- Analysts are observing early signs of “seller exhaustion” as the market reacts to increased job numbers and reduced Fed rate-cut odds.
- Funding rates for BTC are approaching negative territory, indicating potential shifts in market dynamics.
The current sell-side pressure on Bitcoin is compounded by strong macroeconomic data suggesting a robust labor market. This environment decreases the likelihood of Federal Reserve interest rate cuts, impacting liquidity for risk assets including cryptocurrencies.
As Bitcoin approaches the critical $60,000 mark amidst these challenges, the recent job growth figures may further complicate its recovery efforts. (Source)
