Key Points:
The results of US unemployment claims are mixed, but they have not dampened the enthusiasm for risk assets.
Despite concerns in the bond market, Bitcoin and stocks remain stable as Wall Street opens.
Bitcoin price expectations remain optimistic amid low volatility and a clear lack of profit-taking.
Bitcoin fluctuated around $111,000 at the opening of Wall Street on May 22, coinciding with a mixed bag of US employment data.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin price fluctuations have slowed in sync with stocks.
The latest US macroeconomic data paints a complex picture of the labor market's response to inflation trends.
Initial jobless claims were lower than expected at 227,000, while continuing claims exceeded the target by 13,000.
However, risk assets did not exhibit a cautious attitude, instead maintaining previous levels, prompting analysts to draw bullish conclusions about market sentiment.
"Initial jobless claims were lower than expected, while continuing claims were higher than expected," said Blacknox, co-founder of trading resource platform Material Indicators, on X platform. "Bitcoin is in a price discovery phase, and the market wants to celebrate good news while ignoring bad news."
Another co-founder, Keith Alan, described the unemployment data as "additional fuel for Bitcoin's momentum."
Trading resource platform The Kobeissi Letter further stated: "Continue to watch Bitcoin and gold."
Kobessi added that he expects some form of government intervention in the bond market following the volatility in the stock market the previous day.
On today's episode of the bond market: The US 30Y Bond yield just hit 5.15% for the first time since October 2023. Other than October 2023, 30Y Yields have not been this high since July 2007. We expect attempted intervention by Trump and Bessent as the Fed refuses to cut… https://t.co/GUptlBLyCK pic.twitter.com/0DONKceum6
Comparing the latest historical high with previous cycles, Bitcoin market participants exhibit surprising behavior patterns.
Analysts point out that at the $111,000 price level, market volatility and large-scale profit-taking are noticeably absent.
"It’s hard to recall a time in Bitcoin's history when it traded so calmly within a 1% range at a new all-time high," noted renowned trading analyst Daan Crypto Trades to his followers on X platform. "Once it breaks out of this small local range, a larger move will occur. Both bulls and bears are actively building positions."
BTC/USDT 15-minute chart. Source: Daan Crypto Trades/X
Order book liquidity data from monitoring agency CoinGlass shows that buy and sell orders around the spot price are significantly thickening.
Bitcoin liquidation heatmap. Source: CoinGlass
Meanwhile, on-chain analysis platform Glassnode found that despite 100% of the supply being in profit, holders still show a strong determination to hold.
"When Bitcoin reached its all-time high yesterday, the total profit-taking amount was about $1 billion—less than half of the profit-taking amount when Bitcoin first broke $100,000 last December, which reached $2.1 billion," Glassnode noted in its report that day. "Despite the price hitting a new high, investors' profit-taking behavior is noticeably more restrained."
Bitcoin spending volume categorized by coin age. Source: Glassnode
Related: Solana (SOL) price fractal target breaks to $260, but analysts say one condition must be met first.
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Bitcoin (BTC) Price Eyes $112K, Risk Assets ‘Ignore Unfavorable Unemployment News’”
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