Bitcoin (BTC) extended losses after Friday’s opening on Wall Street as investors braced for a retest of the $60,000 level.

Key points:

• Bitcoin enters the battle to protect $60,000 support as sell-side pressure shows no sign of abating.
• The analysis reveals early signs of “seller exhaustion.”
• Data on employment in US non-agricultural sectors provide a stronger than expected picture of the situation on the US labor market.

Bitcoin is fighting for support at $60,000

Data from TradingView showed that the daily BTC price decline is approaching 5% as sellers continue to dominate.

BTC/USD Hourly Chart. Source: Cointelegraph/TradingView

“It is rapidly approaching the February low of $60,000. It is currently on its sixth red daily candle and is down more than the entire April/May rally,” trader Daan Crypto Trades noted in his report reaction to X.

“It was really a case of an up and down staircase, which is something we often see in larger bearish trends. We are focusing on the $60,000 area for now.”

BTC/USDT perpetual contract one-day chart. Source: Daan Crypto Trades/X

The Expitump commenter addressed Coinbase Premium, the price difference between BTC/USD from Coinbase and BTC/USDT from Binance, and a key metric of US demand.

“Price remains subject to controlled sales, but financing is becoming almost negative and coin discounts are decreasing,” they concluded in their article the latest market coverage.

“Early Signs of Seller Exhaustion.”

30-minute Binance Bitcoin futures chart with order book data. Source: Exitpump/X

Trader Morin said BTC/USD has “overtaken a key range low” with a key worth $60,000 view.

“We made an internal low of 61.3k but failed to make a higher high. Consistent lower highs -> Sellers in control,” X told supporters.

“I wouldn’t be surprised if the 1960s were sold or even out of print.”

BTC/USD 30-minute chart. Source: Morin/X

risky assets
Data on non-farm payrolls further reduces the risk of Fed interest rate cuts

Macro data did not assist crypto bulls Data on employment in non-agricultural sectors in the USA well above expectations, suggesting a stronger labor market.

Related: Bitcoin needs one more thing to trigger a BTC price “rally”: Analysis

The economy added 172,000 jobs in May, more than twice the expected 85,000.

“April’s payrolls were also revised upwards by +64,000 jobs. This marks the second-largest U.S. jobs report in 13 months,” trade source The Kobeissi Letter he replied.

Fed target rate probabilities (screenshot). Source: CME Group

Higher job numbers theoretically reduce the need for the Federal Reserve to lower interest rates and give crypto and risky assets a tailwind. Data from the CME Group FedWatch tool showed that markets are pricing in an interest rate boost before the end of the year.

Commenting, a Mosaic Asset Company trade source argued that forceful labor market data would actually complicate the Fed’s task.

“If the May wages report confirms the underlying strength of the economy and labor market, the monetary policy outlook will become more uncertain given the recent spike in consumer and producer inflation,” it previously said in its latest report Mosaic chart alerts update.

“At the same time, evidence of solid economic activity is helping mid-market stocks catch up with gains in the S&P 500 and Nasdaq.”