Technical analysis by KellyLondon about Symbol BTC: Sell recommendation (6/5/2025)

U.S. President Donald Trump has repeatedly criticized Federal Reserve Chairman Jerome Powell for not cutting interest rates over the past few months.Last month, the Federal Reserve kept the target range for the federal funds rate between 4.25% and 4.5%, citing "inflation still somewhat elevated," as explained in its official statement. And now, with the central bank's June 17-18 meeting approaching, President Donald Trump has made his point without mincing words."ADP data is out!!! It's 'too late' Powell has to cut rates now," the president posted on Truth Social. "He can't believe it!!! Europe has already cut nine times!"Indeed, in a press release released Wednesday morning by Roseland, New Jersey-based staffing firm ADP, the private sector created just 37,000 jobs in May, the slowest pace of hiring in more than two years. Bitcoin was largely flat following the news, fluctuating around the $105,000 threshold throughout the morning. But stocks were slightly higher, with the S&P 500, Nasdaq and Dow Jones up 0.23%, 0.35% and 0.10%, respectively, according to CNBC.Bitcoin fell slightly by 0.70% over the past 24 hours, trading at $105,234.99 at the time of reporting. The cryptocurrency has lost 2.08% over the past week, with price action today mostly limited to between $104,232.70 and $106,457.19. The entire cryptocurrency market also fell by about the same percentage — 0.72%, according to Coinmarketcap.Trading volume fell by 6.15% to $44.48 billion as momentum across sectors cooled. Bitcoin’s market cap fell by 0.82% to $2.09 trillion, with its dominance falling by 0.16% to 64.06. BTC futures open interest also fell 2.02% to $70.58 billion, indicating an exit from leveraged bets amid weak price action.Liquidation activity was significantly lower than usual, with just $62,970 of positions liquidated in the past 24 hours, according to data from Coinglass. However, longs accounted for $56,780 of that total, again putting bulls on the wrong side of the latest market move. Short positions were liquidated for a smaller amount, at just $6,190.