2 months ago
Bitcoin manages to shingle disconnected a US nonfarm payrolls bushed arsenic Trump insists yet again that the Fed begins to chopped involvement rates — volition Chair Jerome Powell listen?
Key points:
US President Donald Trump switches his absorption from Elon Musk to Fed Chair Jerome Powell arsenic helium demands interest-rate cuts.
Bitcoin continues its rebound from the Trump-Musk debacle contempt beardown US employment data.
Liquidity sparks caller concerns of a downhill BTC terms “cascade.”
Bitcoin (BTC) passed $104,000 astatine the June 6 Wall Street unfastened arsenic beardown US labour marketplace information contrasted with caller calls for interest-rate cuts.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewBitcoin edges higher arsenic Trump moves to Fed
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD up 2.5% connected the day.
Having recovered from snap losses implicit the ongoing spat betwixt US President Donald Trump and SpaceX CEO Elon Musk, markets digested caller ostentation cues arsenic Trump turned his attraction to the Federal Reserve.
Source: Truth Social“‘Too Late’ astatine the Fed is simply a disaster!” helium wrote successful portion of the day’s posts connected Truth Social.
Trump is no alien to criticism of some Fed argumentation and Chair Jerome Powell, and has often demanded interest-rate cuts successful 2025 — something that would payment hazard assets and crypto.
“Europe has had 10 complaint cuts, we person had none. Despite him, our Country is doing great,” helium continued, referring to Powell.
“Go for a afloat point, Rocket Fuel!”
Fed people complaint probabilities (screenshot). Source: CME GroupAs Cointelegraph antecedently reported, markets spot small accidental of cuts coming earlier the Fed’s September meeting, per information from CME Group’s FedWatch Tool, with Trump’s afloat point’s worthy afloat priced out.
The day’s nonfarm payrolls information meantime appeared to enactment the Fed’s existent approach, showing a resilient labour marketplace and frankincense decreasing the request to little rates.
An official release from the US Bureau of Labor Statistics (BLS) confirmed that “total nonfarm payroll employment accrued by 139,000 successful May, and the unemployment complaint was unchanged astatine 4.2 percent.”
Analysis warns of Bitcoin “liquidity trap”
Turning to BTC terms action, fashionable trader TheKingfisher returned to bid publication liquidity for clues arsenic to marketplace direction.
Related: Bitcoin Hash Ribbons metric conscionable delivered its 3rd ‘buy’ awesome of 2025
Earlier, Cointelegraph noted assorted downside terms predictions for the abbreviated term, with commentators agreeing that BTC/USD could fall beneath $100,000.
“This $BTC liquidation representation (optical_opti timeframe) reveals a monolithic clump of agelong liquidations betwixt ~99k and 102k,” portion of an X post work connected the day.
“That's a immense magnetic portion beneath existent price. In contrast, abbreviated liquidations supra ~104.5k are minimal.”
Bitcoin speech bid publication liquidity data. Source: TheKingfisher/XTheKingfisher added that the resulting “strong imbalance” of bid versus inquire liquidity accrued the hazard of a liquidity cascade downward.
“Normies spot support; we spot a liquidation trap,” the station summarized.
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