Mixed US jobless claims fail to dent risk-asset enthusiasm

Despite concerns over the bond market, Bitcoin and stocks enjoy stability at the start of the Wall Street trading session.

Key points:

Mixed results for US jobless claims failed to dent risk-asset enthusiasm on Tuesday.

Despite concerns over the bond market, Bitcoin and stocks enjoyed stability at the start of the Wall Street trading session.

BTC price expectations remained lofty amid low volatility and a curious lack of profit-taking.

Bitcoin (BTC) was in the sights of $111,000 as record highs met mixed US unemployment data around the May 22 Wall Street open.

Bitcoin, stocks brush off jobs uncertainty

Data from showed BTC price volatility cooling in line with broader macroeconomic trends.

The latest US macroeconomic data painted a conflicting picture of the labor market’s resilience to inflation trends.

Initial jobless claims came in below expectations at 227,000, while continuing claims exceeded their target by 13,000.

Far from a wary reaction, however, risk assets maintained prior levels, leading analysis to bullish conclusions over market sentiment.

“Initial Jobless Claims came in cooler than expected. Continuing Claims came in hotter than expected,” Blacknox, cofounders of trading resource Material Indicators, reacted on X.

Fellow co-founder Keith Alan described the jobless numbers as “a bit more fuel for BTC momentum.”

“Keep watching Bitcoin and Gold,” trading resource The Kobeissi Letter continued.

Kobessi expected some form of government intervention in the bond market after stocks’ volatility kicked in the day prior.

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… https://t.co/GUptlBLyCK pic.twitter.com/0DONKceum6

Bitcoin due ‘bigger move’ amid low profit-taking

Comparing the latest all-time highs to previous cycles, meanwhile, Bitcoin market participants revealed surprising behavior.

Related: Bitcoin ‘looks exhausted’ as next bear market yields $69K target

Volatility and mass profit-taking, they noted, were both conspicuously lacking at $111,000.

“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 X followers.

Order book liquidity data from monitoring resource CoinGlass showed thickening bids and asks around spot price.

Elsewhere, onchain analytics platform Glassnode flagged steadfast resolve among hodlers despite 100% supply profitability.

“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.

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.