Bitcoin continues to slip toward the pivotal $60,000 price zone amid sustained selling activity that shows signs of weakening momentum. After a series of daily losses, the cryptocurrency is on the verge of retesting a key support level last seen earlier this year. Market observers describe the price movement as a “stairs up, elevator down” pattern, characteristic of broader bearish trends.
Traders monitoring exchange metrics note that although selling remains dominant, indicators such as the narrowing Coinbase Premium suggest diminishing demand-side pressure in the U.S. This premium refers to the price gap between Coinbase’s BTC/USD pair and Binance’s BTC/USDT pair, a common gauge for regional market sentiment. Early signs indicate the possibility of seller exhaustion, which could limit further downside.
Technical analysis highlights a series of lower highs signaling sustained control by sellers, with the recent dip below $61,300 failing to generate a recovery. Market participants anticipate that Bitcoin may trade around or briefly breach the $60,000 threshold in the near term, underscoring the importance of this level for short-term direction.
Complicating Bitcoin’s recovery prospects are recent U.S. macroeconomic figures. The latest nonfarm payrolls report showed employment growth surpassing expectations by a wide margin, reflecting robust labor market conditions. The economy added 172,000 jobs in May, significantly higher than forecasts, while April’s employment numbers were also revised upward. This strong data reduces the likelihood of imminent Federal Reserve interest rate cuts, a development that typically benefits risk assets including cryptocurrencies.
According to market resources tracking Federal Reserve policy probability, investors now assign a greater chance to a rate hike before the year’s end. The persistence of inflation alongside a strong labor market introduces more uncertainty to monetary policy decisions, which may limit the liquidity support that Bitcoin and other speculative assets often rely on during downturns.