Key points:
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Mixed results for US jobless claims fail to dent risk-asset enthusiasm.
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Despite concerns over the bond market, Bitcoin and stocks enjoy stability at the start of the Wall Street trading session.
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BTC price expectations remain lofty amid low volatility and a curious lack of profit-taking.
Bitcoin (BTC) focused on $111,000 around the May 22 Wall Street open, as record highs met mixed US employment data.
Bitcoin, Stocks Brush Off Jobs Uncertainty
Recent data from Cointelegraph Markets Pro and TradingView showed BTC price volatility cooling alongside stocks. The latest US macroeconomic data presented a mixed view of the labor market’s resilience amidst inflation trends.
Initial jobless claims were reported below expectations at 227,000, while continuing claims exceeded their target by 13,000. However, risk assets did not react warily, maintaining stability and leading analysts to adopt a bullish outlook on market sentiment.
According to Blacknox, cofounder of trading resource Material Indicators, “Initial Jobless Claims came in cooler than expected. Continuing Claims came in hotter than expected. BTC is in price discovery, and the market wants to celebrate the good news and ignore the bad news.” Fellow co-founder Keith Alan suggested that the jobless numbers provide “a bit more fuel for BTC momentum.”
Market observers, including The Kobeissi Letter, predicted some form of government intervention in the bond market following volatility in stocks.
On today’s episode of the bond market:
The US 30Y Bond yield just hit 5.15% for the first time since October 2023.
We expect attempted intervention by Trump and Bessent as the Fed refuses to cut… link
— The Kobeissi Letter (@KobeissiLetter) May 22, 2025
Bitcoin Due for a “Bigger Move” Amid Low Profit-Taking
Market participants compared the latest all-time highs to previous cycles, noting the absence of volatility and significant profit-taking at $111,000.
Popular trader Daan Crypto Trades remarked, “Can’t recall a time in history where $BTC just casually traded around in a 1% range at all-time highs.” He further indicated that a “bigger move” is expected once the price breaks out of this tight range.
Order book liquidity data from monitoring resource CoinGlass showed thickening bids and asks around the current spot price, indicating potential price movements. Furthermore, on-chain analytics from Glassnode highlighted a robust resolve among holders, despite Bitcoin’s price reaching new heights.
Glassnode reported that when Bitcoin reached its all-time high, total profit-taking volume was only around $1 billion, significantly lower than the $2.1 billion realized when Bitcoin first crossed the $100K mark last December. This suggests that profit realization has been notably subdued.
“Despite a higher price, profit realization was far more muted.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
