Bitcoin extends its downward run for a 6th straight day, moving closer to a retest zone around $60,000.

Cointelegraph reported on June 5 that bitcoin widened its losses after U.S. stock markets opened, falling about 16 percent over the past week.

The market is watching the likelihood that the $60,000 level will come under renewed test as selling pressure persists. Trader Daan Crypto Trades said bitcoin is rapidly approaching its February low of $60,000, with a 6th consecutive daily bearish candle and a drop larger than the gains seen in April and May.

Short-term charts also tilt toward sellers. Trader Maureen said BTC/USD is pricing in the lower edge of a key range, putting $60,000 in view. He said it failed to make a higher high after breaking below an internal low of $61,300, and that sellers have taken control as lower highs continue.

Some indicators, however, show signs that selling is easing. Market commentator Exitpump said that while prices remain in a controlled selling zone based on the Coinbase premium, funding rates are nearing negative territory and the Coinbase discount is narrowing. The Coinbase premium refers to the price gap between BTC/USD on Coinbase and BTC/USDT on Binance.

Macroeconomic data also added pressure to the decline. U.S. nonfarm payrolls rose by 172,000 in May, far above the market estimate of 85,000. April’s figure was also revised up by 64,000 from the initial reading. Market analysis firm The Kobeissi Letter assessed the report as the second-strongest in the past 13 months.

The figures were taken as reducing the need for U.S. Federal Reserve (Fed) rate cuts. That could work to weaken liquidity expectations across risk assets. CME Group’s FedWatch tool showed the market was partly pricing in the possibility of delayed rate cuts before year-end.

Mosaic Asset Company also said the trend could complicate the Fed’s policy decision. It said that if the May jobs report confirms the underlying strength of the U.S. economy and labour market, uncertainty over the monetary policy outlook could grow further when combined with the recent uptrend in the consumer price index (CPI) and producer price index (PPI).

Bitcoin is facing both a test of technical support and pressure from macro variables at the same time. That is keeping attention on whether $60,000 holds, along with the Coinbase premium as a gauge of U.S. demand and shifts in futures funding rates as key signals for the next direction.

BREAKING: The U.S. economy adds 172,000 jobs in May, crushing expectations of 85,000. The unemployment rate was 4.3%, in-line with expectations of 4.3%. April's jobs number was also revised UP by +64,000 jobs. This marks the second strongest U.S. jobs report in 13 months.