Bitcoin Nears $60,000 as Traders Flag ‘Seller Exhaustion’

Bitcoin slid toward $60,300 on Friday after U.S. May nonfarm payrolls exceeded forecasts, with traders reporting early signs of ‘seller exhaustion’. The pullback returned Bitcoin to a support area near $60,000.

Daily charts showed losses approaching 5% and a sixth consecutive daily decline, erasing gains from an April–May rally. Order-book readings on futures platforms reflected sell-side pressure and funding rates moved toward negative territory on some venues.

On-chain and exchange indicators pointed to weaker U.S. retail demand. The Coinbase premium, the price gap between Coinbase BTC/USD and Binance BTC/USDT, narrowed. One market commentator wrote that funding levels were tightening and the Coinbase discount was decreasing.

Several traders highlighted technical weakness. Trader Daan Crypto Trades wrote that Bitcoin was “rapidly approaching its February low at $60K” after a run of red daily candles. Another market participant posted that the market had “swept 61.3k internal low but failed to make higher high,” noting a pattern of lower highs.

U.S. nonfarm payrolls rose by 172,000 in May, above the 85,000 consensus estimate, and April payrolls were revised up by 64,000. CME Group’s FedWatch Tool showed markets pricing a renewed chance of a policy rate increase before year-end.

Activity in futures and perpetual contracts showed concentrated selling interest at several price levels. Traders indicated a clear break below $60,000 could trigger additional downside as stop orders are executed, while a sustained hold above the level would suggest selling momentum is easing.

Short-term price action reflected technical selling and immediate reactions to incoming economic data.