Bitcoin price today: flat at $105.1k as trade, economic uncertainty quashes risk

Investing.com-- Bitcoin moved marginally higher on Thursday, remaining squarely rangebound as risk-driven appetite for crypto was dented by persistent concerns over U.S. trade tariffs and weaker economic conditions.

The world’s largest crypto added 0.4% to $105,130 by 09:47 ET (13:47 GMT), as it struggled to make headway after soaring to record highs in late-May. Increased profit-taking also weighed on Bitcoin in recent weeks. 

Broader crypto prices largely tracked tepid performance in Bitcoin, seeing few gains even as U.S. technology stocks– which are usually a trendsetter for crypto– rallied in recent sessions. 

Crypto markets took little support from Trump Media & Technology Group Corp (NASDAQ:DJT) furthering its plans to list a spot-Bitcoin exchange-traded fund. 

Uncertainty over U.S. trade and the economy remained a major weight on markets, especially after data released on Wednesday pointed to a cooling in the labor market.

A lack of clear signals on when a call between President Donald Trump and Chinese President Xi Jinping will take place also left markets in the lurch. 

While crypto is not directly impacted by trade tariffs or a softer U.S. economy, the asset class’ speculative nature leaves it highly susceptible to swings in market sentiment. 

Bitcoin profit-taking activity increases- Glassnode 

Analytics firm Glassnode said earlier this week that on-chain data indicated Bitcoin was being subjected to “intense profit-taking activity,” especially following record highs and positive technical indicators in late-May.

Glassnode said Bitcoin’s entity-adjusted realized profit spiked above $500 million earlier this week. The metric represents the total dollar profit on all coins that have been moved on-chain.

Glassnode also noted that Bitcoin’s latest record high led to a “notable uptick” in profits being locked in. 

“Fewer than 8% of trading days have been more profitable for investors, suggesting a meaningful transition into profit-taking activity is underway,” Glassnode wrote in a social media post. 

Bitcoin’s next move could depend on May jobs data: analysts

Bitcoin’s next move could be determined by Friday’s U.S. jobs data, according to analysts at Bitfinex.

With the cryptocurrency hovering around $105,000, the analysts see potential for a rally toward $120,000–$125,000 in June if the report comes in weaker than expected and fuels hopes of earlier Federal Reserve rate cuts.

Forecasts suggest U.S. nonfarm payrolls will rise by 125,000 to 130,000, down from April’s 177,000, with the unemployment rate expected to stay at 4.2%. Wage growth is seen at 0.2% to 0.3% month-over-month.

“A weaker-than-expected report could support the disinflation narrative and bring forward potential Fed rate cuts, boosting risk assets like bitcoin,” Bitfinex analysts said in a note seen by The Block. They added that if bitcoin “maintains support above $105,000, it could target the $120,000–$125,000 range in June.”

Conversely, stronger data may lift the dollar and pressure bitcoin, potentially pushing it toward $102,000 or as low as $95,000. Bitfinex noted this range could offer “good accumulation,” but cautioned the jobs report is “only a smaller piece of a larger puzzle.”

Crypto price today: altcoins dip amid few trading cues 

Broader crypto prices saw slight losses on Thursday, amid a dearth of positive trading cues for the sector.

World no.2 crypto Ether fell nearly 1% to $2,601, while XRP fell 1.5% to $2.21.

Solana and Cardano fell 2.9% and 1%, respectively, while Polygon shed 1.1%.

Among meme tokens, Dogecoin lost 1.5%, while $TRUMP slid 3%. 

(Ambar Warrick contributed to this report.)