Bitcoin (BTC) extended its sharp decline on Friday, falling nearly 5% after the Wall Street open as traders closely watched the crucial $60,000 support level amid continued market weakness.
According to market data, BTC has now recorded six consecutive daily losses and has erased more than the gains achieved during the April-May rally. Analysts noted that the market continues to face strong selling pressure, with Bitcoin rapidly approaching its February low near $60,000.
Several traders, however, pointed to early indications of “seller exhaustion.” Market observers highlighted improving funding rates and a narrowing Coinbase discount, suggesting that aggressive selling pressure may be starting to ease despite the ongoing downtrend.
Technical analysts warned that sellers remain in control, citing a pattern of lower highs and failed recovery attempts. Some traders believe Bitcoin could briefly dip below $60,000 before finding stronger support.
The cryptocurrency market also faced pressure from stronger-than-expected U.S. employment data. The latest nonfarm payrolls report showed the U.S. economy added 172,000 jobs in May, significantly exceeding expectations of 85,000. April’s job figures were also revised higher.
The stronger labor market has reduced expectations for near-term interest rate cuts by the U.S. Federal Reserve, a development generally viewed as negative for risk assets such as cryptocurrencies. Higher interest rates tend to limit liquidity and reduce investor appetite for speculative investments.
Market participants are now focused on whether Bitcoin can defend the $60,000 level or face a deeper correction in the coming sessions.
