BTC price nears $60,000 amid signs of weakening sell-side pressure and trader focus on key support levels.
Bitcoin extended losses, approaching $60.3K as traders monitored support levels after a 5% daily decline. Sellers maintained control, but analysts noted early signs of exhaustion, suggesting potential stabilization near February lows.
BTC/USD fell for a sixth consecutive day, erasing gains from the April-May rally. Traders highlighted the pattern of gradual ascents followed by sharp declines, a common trait in extended bear trends. The Coinbase Premium, a gauge of US demand, showed reduced selling pressure, with funding rates nearing negative territory.
Markets also reacted to stronger-than-expected US nonfarm payrolls data, which reinforced labor market resilience and influenced risk sentiment.