Bitcoin held steady near $111,400 on Wednesday, as markets brushed off mixed U.S. jobless claims data and looming bond market concerns, fueling expectations of an imminent breakout beyond $112,000.
According to the U.S. Labor Department, initial jobless claims fell slightly below expectations at 227,000, while continuing claims exceeded forecasts by 13,000. Despite the conflicting signals about labor market strength, risk assets remained unfazed. Bitcoin and major U.S. stock indexes opened flat, suggesting investor confidence remains intact.
“BTC is in price discovery, and the market wants to celebrate the good news and ignore the bad,” noted trading group Material Indicators on X (formerly Twitter).
Bitcoin's low-volatility climb has drawn attention from analysts, with order books showing growing open interest and liquidity both above and below spot price. Trader Daan Crypto Trades highlighted the unusual calm at record highs, saying, “Can’t recall a time in history where BTC just casually traded around in a 1% range at all-time highs.”
On-chain metrics also signal muted profit-taking, even with 100% of Bitcoin supply in profit. According to Glassnode, profit-taking volume during the latest all-time high was $1 billion, less than half of the $2.1 billion recorded when BTC first crossed $100K in December 2024.
“Despite a higher price, profit realization was far more muted,” Glassnode said in a May 22 update.
Meanwhile, market watchers are eyeing potential government intervention in the bond market, after the U.S. 30-year Treasury yield hit 5.15% — its highest level since October 2023 — raising fears of tightening financial conditions. The Kobeissi Letter warned that action from President Trump or Treasury Secretary Bessent may follow as the Fed resists cutting rates.
With Bitcoin showing resilience and limited selling pressure, analysts believe a "bigger move" is on the horizon, possibly sending BTC sharply higher in the days ahead.
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