Bitcoin surged past the $104,000 mark at the start of Wall Street trading on June 6, as robust U.S. jobs data clashed with renewed pressure on the Federal Reserve to lower interest rates.
Bitcoin Gains Momentum Amid Trump’s Fed Criticism
According to TradingView, BTC/USD was up roughly 2.5% for the day.
After bouncing back from brief losses triggered by the ongoing conflict between U.S. President Donald Trump and Elon Musk, the market shifted focus to inflation signals and Trump’s latest comments targeting the Federal Reserve.
“‘Too Late’ at the Fed is a disaster!” Trump wrote on Truth Social, taking aim once again at Fed Chair Jerome Powell, whose policies he’s criticized frequently.
Trump has consistently urged for rate cuts throughout 2025, citing international examples:
“Europe’s already cut rates 10 times — we’ve done nothing. Even with that, the country is still thriving,” he said.
“Go for a full point, Rocket Fuel!”
Market Skepticism Persists Despite Political Pressure
Despite Trump’s vocal demands, markets still anticipate the Fed to hold off on any rate changes until at least September, based on CME Group’s FedWatch Tool. A full 1% cut — as Trump suggests — is currently not considered likely.
Meanwhile, newly released nonfarm payroll data from the Bureau of Labor Statistics (BLS) showed solid job growth in May. Total employment outside the farming sector rose by 139,000 jobs, and the unemployment rate held steady at 4.2%, reinforcing the Fed’s cautious stance.
Analysts Caution on Potential Downside
Some market analysts warn of short-term risks for BTC/USD, suggesting it could drop below $100,000 soon.
A post on X analyzing liquidation data noted a dense cluster of long liquidations sitting between $99K–$102K, calling it a “magnet zone” that could pull prices downward. In contrast, short liquidations just above $104.5K were relatively sparse.
TheKingfisher highlighted this imbalance, suggesting a possible “liquidity trap” for unsuspecting traders.
“While retail investors see strong support, what we’re really seeing is a setup for forced selling,” the post concluded.
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