Bitcoin price craters to $60,000 as BTC bulls get jobs report they were hoping to avoid
Bitcoin fell after the May US jobs report because the stronger-than-expected labor data reduced expectations for near-term Fed rate cuts, tightening liquidity conditions. Nonfarm payrolls rose 172,000 versus an 85,000 forecast, while unemployment stayed at 4.3%, lifting Treasury yields and the dollar. BTC traded near $60,000 on June 5, down 5% in 24 hours and 17% over seven days. The report was mixed underneath the headline: private payrolls rose 120,000 but slowed, government hiring accounted for a large share of the beat, and wage growth was only in line with expectations, with annual growth easing to 3.4%. That kept the data from looking like a full overheating signal, but it was still strong enough to support a higher-for-longer policy view. For Bitcoin, the immediate takeaway is negative: fewer rate-cut hopes, a firmer dollar, and weaker appetite for high-beta assets. Follow-through depends on whether yields and the dollar keep their post-report gains.
