Bitcoin teases 'seller exhaustion' as BTC price downside reaches $60.3K
Bitcoin extended losses after the Wall Street open and moved toward a retest of $60,000, with price action showing several consecutive red daily candles and persistent lower highs. Traders said $60K is the key support level, with some warning that BTC could trade through it if selling continues. Market signals such as funding and the Coinbase premium suggested early signs of seller exhaustion, but overall control remained with bears. Macro data added pressure: May US nonfarm payrolls rose by 172,000, well above expectations, and April’s jobs number was revised higher. Stronger labor-market data reduced expectations for near-term Fed rate cuts, weakening the liquidity backdrop for crypto and other risk assets. FedWatch data showed shifting rate expectations, while analysts noted that solid economic activity and sticky inflation make the Fed’s path less certain.
