Bitcoin Aims for $112K as Market Shrugs Off Mixed U.S. Unemployment Data

Bitcoin’s upward momentum shows no signs of slowing as it flirts with $111,000, defying mixed signals from U.S. labor market data and a jittery bond market. Investors appear increasingly confident, brushing aside traditionally bearish news in favor of long-term upside potential.

Risk-On Sentiment Persists Despite Labor Market Ambiguity

On May 22, Bitcoin (BTC) hovered around $110,763, maintaining its strength near record highs despite conflicting U.S. jobless data. Weekly jobless claims came in at 227,000—slightly better than expected—while continuing claims rose more than forecast, indicating lingering labor market softness.

Rather than pulling back, both Bitcoin and equities continued to hold steady during the Wall Street open. Analysts suggest this resilience signals growing risk appetite across markets.

“The market is choosing to highlight the positives and overlook the negatives,” observed Blacknox, co-founder of Material Indicators, in a post on X.

Fellow co-founder Keith Alan echoed that sentiment, adding that the job data only added momentum to Bitcoin’s current run.

Meanwhile, market watchers like The Kobeissi Letter flagged the potential for government bond market intervention after a sharp move in U.S. equities the previous day. Yet so far, Bitcoin and gold have remained in focus for traders seeking alternative hedges.

Low Volatility, Strong Holding Behavior, and a Brewing Breakout

Despite sitting near record levels, Bitcoin’s price action has been surprisingly calm. The asset has been trading in a tight 1% range—a rarity at such high valuations.

“It’s unusual to see Bitcoin move so little while sitting at all-time highs,” noted Daan Crypto Trades on X. “A larger move is likely brewing once this narrow band breaks. There’s heavy position buildup on both sides.”

Order book data from CoinGlass reveals dense liquidity just above and below the spot price, suggesting a standoff between bulls and bears as each side waits for a decisive breakout.

At the same time, on-chain metrics point to remarkable restraint from long-term holders. Glassnode reported that, even with 100% of the circulating BTC supply currently in profit, realized profit-taking remains subdued.

“When Bitcoin reached its latest all-time high, realized profits were just around $1 billion,” Glassnode noted. “That’s less than half the profit-taking volume seen when BTC first crossed $100,000 last December, which peaked at $2.1 billion.”

This suggests that despite new highs, many holders are keeping their positions intact—betting on further upside rather than cashing out.

What’s Next for Bitcoin?

With institutional interest still rising, macroeconomic uncertainty lingering, and market sentiment leaning bullish, Bitcoin appears poised to challenge the $112,000 mark soon. The lack of heavy selling, paired with high on-chain profitability and low volatility, sets the stage for a potential breakout.

For now, Bitcoin is signaling more than just a speculative rally—it’s reflecting growing investor belief in its role as a core financial asset in an increasingly uncertain world.