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>>May jobs report crushes rate cut expectations, causing Bitcoin and gold to decline together.

May jobs report crushes rate cut expectations, causing Bitcoin and gold to decline together.

crypthub

6/10/2026, 9:31:20 AM

Macroeconomic Shift and Rate Expectations

The blowout May jobs report fundamentally altered expectations for the Federal Reserve. This hot labor market has increased the probability of rate hikes, driving real yields higher. Consequently, the market is pricing in a delay of rate cuts, potentially into 2027. This shift diminishes the appeal of non-yielding assets like Bitcoin and gold.

Asset Selling and Institutional Pressure

Both Bitcoin and gold sold off together, challenging their role as traditional macro hedges. Institutional funding remains cautious, evidenced by accelerated outflows from U.S. spot Bitcoin ETFs. This selling confirms the recent market bounce was not driven by robust, sustained spot demand. The weakening liquidity environment pressures all major crypto and gold holdings.

Technical Breakdown and Future Outlook

Bitcoin has broken below critical support levels, significantly weakening the recovery narrative. Key technical support is now viewed in the $55,000 to $58,000 range. Sustained stabilization and recovery require regaining $64,000. The market outcome hinges on the June FOMC meeting and subsequent signals from the Fed.