Bitcoin Eyes $112K as Market Shrugs Off Mixed Job Data
Bitcoin (BTC) is currently hovering around the $111,000 mark, showing resilience despite mixed economic signals from the US. Recent jobless claims data presented a somewhat unclear picture, but risk assets like Bitcoin and stocks have largely remained unfazed. This is according to a recent report by Cointelegraph.
Market’s Reaction to Jobless Claims
The latest US macroeconomic data revealed that initial jobless claims were lower than expected at 227,000, while continuing claims exceeded expectations by 13,000. Typically, such mixed data might cause market jitters. However, risk assets, including Bitcoin, have maintained their levels, suggesting a bullish sentiment among investors. This unusual reaction has led analysts to believe that the market is choosing to focus on positive aspects while downplaying the negative ones.
Blacknox, cofounders of trading resource Material Indicators, noted on X that Bitcoin is currently in price discovery, with the market seemingly inclined to celebrate good news and disregard the bad.
Analyst Perspectives
Keith Alan described the jobless numbers as potentially providing “a bit more fuel for BTC momentum.” The Kobeissi Letter suggested keeping a close watch on Bitcoin and gold, further anticipating possible government intervention in the bond market following stock volatility.
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
— The Kobeissi Letter (@KobeissiLetter) May 22, 2025
Low Profit-Taking at All-Time Highs
Interestingly, despite Bitcoin reaching new all-time highs, there hasn’t been a significant wave of profit-taking. This behavior is quite different from previous market cycles. Daan Crypto Trades pointed out the unusual stability of BTC, trading within a narrow 1% range at its peak.
“Bigger move following once it breaks this local tiny range. Quite a lot of positions being build up on both sides.”
Data from CoinGlass indicates thickening bids and asks around the spot price, suggesting a potential buildup of positions.
Glassnode’s onchain analytics highlight the strong resolve among Bitcoin holders, noting that profit-taking volume was significantly lower compared to when Bitcoin first crossed $100,000 last December.
“Despite a higher price, profit realization was far more muted.”
Summary
In conclusion, Bitcoin’s price is showing remarkable stability around $111,000, seemingly unaffected by mixed US jobless claims data. The market’s bullish sentiment, coupled with low profit-taking, suggests that investors are holding strong, anticipating further upward movement. The lack of volatility at these highs is unusual, hinting at a potentially significant move on the horizon for Bitcoin and the broader crypto market. Keep an eye on crypto regulation as it may impact future price action.
Disclaimer
The information provided in this article is for informational purposes only and does not constitute financial advice. All news content is sourced from trusted platforms like Cointelegraph, Bitcoinist, and our own writers written with added value, editorial insights and reviews by our team. Always do your own research before making any investment decisions.
