Bitcoin Slips Under $60,000 After Hot U.S. Jobs Report

Bitcoin fell below the closely watched $60,000 mark after stronger-than-expected U.S. jobs data prompted markets to scale back expectations for Federal Reserve rate cuts, weighing on risk assets. CoinDesk reported that BTC slid to about $59,100 on June 5 before a modest rebound, but it remained under $60,000. Rate expectations reprice Following the employment release, traders reassessed the path for U.S. interest rates. Expectations for cuts this year cooled sharply, and some market participants began to discuss the risk of another hike. BNP Paribas revised its forecast as well, projecting three Fed rate increases beginning in December, citing persistent inflation pressures, the resilience of the labor market, and potential upside risk to energy prices stemming from U.S.-Iran tensions. Polymarket now puts the probability of a rate hike this year at 52%, while CME FedWatch shows a 42.7% chance of a higher policy rate in December. Bitcoin is down roughly $19,000 over the past 10 days. Liquidations accelerate the move Derivatives activity intensified the selloff. CoinGlass data show total crypto-market liquidations above $1.7 billion over the past 24 hours, including more than $155 million in long-position liquidations within a single hour. As BTC dipped under $60,000, leveraged positions across multiple venues were automatically closed, adding to selling pressure. The report highlighted heavy options positioning around $60,000. Deribit had more than $1.2 billion in notional put options outstanding near the $60,000 strike, keeping that level in focus. If prices stay below $60,000, market makers may hedge by selling spot bitcoin or futures, potentially amplifying near-term volatility. Spot Bitcoin ETFs snap a long outflow streak Even with the sharp drop, institutional flows showed a rare sign of stabilization. SoSoValue data indicate U.S. spot Bitcoin ETFs recorded about $3 million in net inflows on June 4, ending 13 straight trading days of net outflows. Over that stretch, cumulative outflows totaled about $4.37 billion. While small, the inflow halted the longest redemption streak seen so far this year. Safe-haven demand was muted elsewhere. Reports cited gold down about 3.5% and silver down roughly 7.5%, suggesting investors were trimming exposure across multiple asset classes rather than rotating into precious metals. Next levels: $55,000, then $50,000 Market attention is shifting to the next support zone near $55,000. On-chain indicators are starting to suggest a market is approaching a phase of clearing-out. Analyst Seth said the share of profitable Bitcoin addresses has reached a long-term trendline that has previously aligned with cycle lows during major drawdowns. The report also noted short-term holders' realized losses are at a record high and the profit-loss ratio has hit a new low, pointing to recent buyers capitulating. About 5.3 million bitcoins held by long-term holders are currently in unrealized loss, exceeding levels seen after the FTX event. After the break below $60,000, the next major support area is near $55,000, matching this year's February low. If that level fails, the $50,000 psychological threshold could return to focus.