Bitcoin drop commot under $60K as hot US job wahala reduce Fed cut chances
Bitcoin fall comot under $60,000 support afta one US jobs report wey stronger pass wetin people expect. For June 5, BTC small time trade near $59,100, dey extend about $19,000 10-day drop and na the first time this important level don break since 2024.
Macro trigger clear. US add 172,000 non-farm payrolls for May against 85,000 wey dem expect, unemployment still 4.3%. Revisions add total 93,000 jobs. Markets also change wetin dem dey expect for rate cuts, BNP Paribas turn more hawkish and dey forecast three Fed rate hikes starting December.
Derivatives make the move bigger. After Bitcoin drop below $60,000, CoinGlass report over $155M long liquidations inside about one hour and more than $1.7B liquidated over 24 hours. Options positioning matter too: Deribit show say more than $1.2B put notional open interest dey around the $60,000 strike, e fit make volatility continue if BTC remain under.
Flow signals mixed but cautious. US spot Bitcoin ETFs get about $3M net inflows on June 4, stop im 13-day outflow streak (about $4.37B total). Still, on-chain talk show say capitulation risk dey rise among short-term holders.
Traders make dem watch next levels: support around $55,000 fit become the next trigger for liquidation-driven selling. If $60,000 quick reclaim happen, dat go be the clearest short-term stabilization signal.
Bearish
Dis kain bearish for Bitcoin becos di macro catalyst go still dey put pressure for risk assets. Jobs data wey hotter pass wetin dem expect reduce near-term Fed cut expectations and support di chance say dem fit tighten later for di year, weh dey usually weigh down crypto.
For short term, di selloff dey reinforced by derivatives mechanics. Heavy long liquidations and big put open interest around di $60,000 strike fit keep volatility and prolong downside if BTC no fit reclaim dat level quick. Dat make further liquidation-driven selling more likely.
For long term, ETF inflows and di end of an outflow streak small improve di demand backdrop, but dem no fully offset di positioning risk and di market’s repricing of policy. If BTC remain below $60,000, di $55,000 support test fit become decisive, fit turn dis to a deeper drawdown instead of quick mean reversion.