Bitcoin teases 'seller exhaustion' as BTC price downside reaches $60.3K
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- Bitcoin fell to about $60,300, a roughly 5% daily decline, as sellers kept control of the market.
- Expitump noted that the Coinbase Premium narrowed and funding rates turned near‑negative, interpreting this as early evidence of seller exhaustion.
- US nonfarm payrolls added 172,000 jobs in May, far above the 85,000 forecast, strengthening the U.S. labor market.
- CME Group’s FedWatch Tool showed markets pricing in at least one Fed rate hike before year‑end, lowering expectations for rate cuts.
- Traders such as Daan Crypto Trades and Morin highlighted the $60k level as a critical support, with Morin saying BTC was “frontrunning a key range low”.
Why it matters: Crypto traders face further losses if Bitcoin breaks $60k, while institutional investors see reduced buying pressure as seller exhaustion eases; the strong jobs data also dampens hopes for Fed rate cuts, limiting liquidity for risk assets.
