Bitcoin drops below $60K as hot US jobs cut Fed cut odds
Bitcoin falls below the $60,000 support level after a stronger-than-expected US jobs report. On June 5, BTC briefly traded near $59,100, extending a roughly $19,000 10-day decline and marking the first break of this key level since 2024.
The macro trigger is clear. The US added 172,000 non-farm payrolls in May versus 85,000 expected, while unemployment held at 4.3%. Revisions added a combined 93,000 jobs. Markets also repriced rate cuts lower, with BNP Paribas turning more hawkish and forecasting three Fed rate hikes starting in December.
Derivatives amplified the move. After Bitcoin lost $60,000, CoinGlass reported over $155M in long liquidations within about one hour and more than $1.7B liquidated over 24 hours. Options positioning also matters: Deribit highlighted more than $1.2B in put notional open interest around the $60,000 strike, increasing the risk of continued volatility if BTC stays below.
Flow signals are mixed but cautious. US spot Bitcoin ETFs saw about $3M net inflows on June 4, ending a 13-day outflow streak (about $4.37B total). Still, on-chain commentary pointed to rising capitulation risk among short-term holders.
Traders should watch the next levels: support around $55,000 could become the next trigger for liquidation-driven selling. A fast reclaim of $60,000 would be the clearest short-term stabilization signal.
Bearish
This is bearish for Bitcoin because the macro catalyst likely keeps pressure on risk assets. Hotter-than-expected jobs data reduces near-term Fed cut expectations and supports the odds of later-year tightening, which tends to weigh on crypto.
In the short term, the selloff is being reinforced by derivatives mechanics. Heavy long liquidations and large put open interest around the $60,000 strike can sustain volatility and prolong downside if BTC cannot reclaim the level quickly. That makes further liquidation-driven selling more likely.
In the longer view, ETF inflows and the end of an outflow streak slightly improve the demand backdrop, but they don’t fully offset the positioning risk and the market’s repricing of policy. If BTC remains below $60,000, the $55,000 support test could become decisive, potentially turning this into a deeper drawdown rather than a quick mean reversion.