Bitcoin’s Wild Ride: Will It Soar to $112K or Crash Like a Bad Date? 😂

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Key points:

  • In a twist of fate, the mixed results of US jobless claims have failed to dampen the spirits of risk-asset enthusiasts. Who knew bad news could be so uplifting? 🎉

  • Despite the ominous clouds gathering over the bond market, Bitcoin and stocks are frolicking in the sunshine, enjoying a stable start to the Wall Street trading session. It’s like a picnic in the park, but with more volatility! 🌞

  • Expectations for BTC prices remain as high as a kite, even amidst a curious absence of profit-taking. Are we all just waiting for the other shoe to drop? 👀

As the sun rose on May 22, Bitcoin (BTC) set its sights on the lofty perch of $111,000, all while the mixed bag of US unemployment data played a curious tune in the background.

Bitcoin and Stocks: The Unfazed Duo Amid Job Market Jitters

Data from CryptoMoon Markets Pro and TradingView revealed that BTC price volatility has cooled, much like a hot cup of tea left to sit too long. ☕

The latest US macroeconomic data painted a picture as clear as mud regarding the labor market’s resilience to inflation trends. It’s a real masterpiece of confusion! 🎨

Initial jobless claims came in below expectations at 227,000, while continuing claims exceeded their target by 13,000. It’s like a game of economic whack-a-mole! 🎯

Yet, in a surprising twist, risk assets held their ground, leading analysts to draw bullish conclusions about market sentiment. Who needs caution when you have optimism? 🙃

“Initial Jobless Claims came in cooler than expected. Continuing Claims came in hotter than expected,” remarked Blacknox, co-founder of Material Indicators, on X.

“BTC is in price discovery, and the market wants to celebrate the good news and ignore the bad news.”

Fellow co-founder Keith Alan chimed in, describing the jobless numbers as “a bit more fuel for BTC momentum.” Because who doesn’t love a little extra fuel for the fire? 🔥

“Keep watching Bitcoin and Gold,” advised the trading resource The Kobeissi Letter, as if we were all just sitting around waiting for the next big thing. ⏳

Kobessi added that some form of government intervention in the bond market was expected after stocks’ volatility kicked in the day before. Because nothing says stability like government intervention! 🏛️

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…

— The Kobeissi Letter (@KobeissiLetter) May 22, 2025

Bitcoin Poised for a “Bigger Move” Amid Low Profit-Taking

As Bitcoin market participants compared the latest all-time highs to previous cycles, they revealed a surprising lack of volatility and mass profit-taking at $111,000. It’s almost as if they’re on a rollercoaster that’s stuck at the top! 🎢

“Can’t recall a time in history where $BTC just casually traded around in a 1% range at all-time highs,” popular trader Daan Crypto Trades told his followers on X.

“Bigger move following once it breaks this local tiny range. Quite a lot of positions being built up on both sides.”

Order book liquidity data from CoinGlass showed thickening bids and asks around the spot price. It’s like a buffet, but everyone is waiting for the main course! 🍽️

Elsewhere, onchain analytics platform Glassnode flagged the steadfast resolve among hodlers, despite 100% supply profitability. It’s like watching a game of chicken, but with more Bitcoin! 🐔

“When $BTC hit all-time high yesterday, total profit-taking volume was around $1.00B – less than half the amount realized when Bitcoin first crossed $100K last December, which hit $2.10B,” it noted on the day.

“Despite a higher price, profit realization was far more muted.”

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2025-05-22 19:22