Bitcoin Price Near $60K as Market Shows Early Signs of Seller Exhaustion

Bitcoin extended losses after the US market opened, bringing price action closer to the critical $60,000 zone. BTC slipping on daily charts as sellers maintained control, with traders watching whether the market can defend this level.

Bitcoin is now “rapidly approaching its February low at $60K,” noting it is in its sixth consecutive red daily candle and has erased gains from the April–May rally.

Early Signals of Seller Exhaustion

Some market participants are starting to see early signs that selling pressure may be slowing. Analysts pointed to the Coinbase Premium and funding rates, noting that funding is moving closer to negative while the Coinbase discount is easing. This combination is being viewed as a possible early signal of “seller exhaustion,” even though price remains under pressure.

Macro Data Keeps Fed Cut Expectations Low

US nonfarm payrolls added 172,000 jobs, far above the expected 85,000, reinforcing a stronger labor market. April figures were also revised up by 64,000 jobs, marking one of the strongest reports in over a year. The data reduces pressure on the Federal Reserve to cut interest rates, keeping liquidity expectations tight and adding pressure on crypto and risk assets.