Bitcoin inched up 0.4% to $105,130 on Thursday, maintaining a tight range as investor appetite for riskier assets in the crypto sector waned amid ongoing concerns over U.S. trade tariffs and a slowing economy. Despite surging to record highs in late May, Bitcoin has struggled to gain further momentum, with increased profit-taking dampening recent gains.
The broader cryptocurrency market mirrored Bitcoin’s muted performance, registering minimal advances even as U.S. tech stocks—typically influential on crypto trends—experienced rallies in recent sessions. Efforts by Trump Media & Technology Group Corp (NASDAQ: DJT) to list a spot-Bitcoin exchange-traded fund failed to provide notable support to the market.
Market sentiment remains weighed down by uncertainty surrounding U.S. trade policies and economic outlook. Data released Wednesday pointed to a cooling labor market, while the timing of a potential call between President Donald Trump and Chinese President Xi Jinping remains unclear, leaving markets unsettled.
Though not directly impacted by tariffs or economic softness, the speculative nature of cryptocurrencies makes them highly sensitive to shifts in overall market sentiment.
Bitcoin Profit-Taking Intensifies, Glassnode Reports
Analytics firm Glassnode highlighted “intense profit-taking activity” on Bitcoin following its record highs and favorable technical signals in late May. According to Glassnode, Bitcoin’s entity-adjusted realized profit surged above $500 million earlier this week—a measure reflecting total dollar gains on coins moved on-chain.
The firm noted a significant increase in locked-in profits after Bitcoin’s recent peak, stating, “Fewer than 8% of trading days have been more profitable for investors, suggesting a meaningful transition into profit-taking activity is underway.”
U.S. Jobs Data to Influence Bitcoin’s Next Move
Analysts at Bitfinex pointed to Friday’s U.S. jobs report as a critical catalyst for Bitcoin’s near-term direction. With Bitcoin hovering near $105,000, a weaker-than-expected payroll number could spark hopes of earlier Federal Reserve rate cuts, potentially driving Bitcoin toward the $120,000–$125,000 range in June.
Current forecasts predict U.S. nonfarm payrolls to rise by 125,000–130,000, down from April’s 177,000, with unemployment steady at 4.2% and wage growth between 0.2% and 0.3% month-over-month.
“A weaker report could bolster the disinflation narrative and bring forward Fed easing, benefiting risk assets like Bitcoin,” Bitfinex analysts noted. They added that maintaining support above $105,000 could open the path to a rally above $120,000.
Conversely, stronger employment data may strengthen the U.S. dollar and pressure Bitcoin prices, potentially dragging it down to $102,000 or even $95,000. Bitfinex described this range as a “good accumulation” zone but cautioned that the jobs report represents just “a smaller piece of a larger puzzle.”
Altcoins Slip Amid Lackluster Trading Cues
Other cryptocurrencies saw modest declines amid weak market momentum. Ethereum slipped nearly 1% to $2,601, XRP fell 1.5% to $2.21, Solana dropped 2.9%, and Cardano declined 1%. Polygon also slipped 1.1%.
Among meme tokens, Dogecoin lost 1.5%, while $TRUMP fell 3%, reflecting broad market hesitation amid limited positive catalysts.
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