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Key points:<\/strong><\/p>\n Markets increasingly see fewer Fed rate cuts this year, with the first only coming in September.<\/p>\n<\/li>\n Despite potential labor market weakness to come, crypto and risk assets lack an overall bullish catalyst, analysis says.<\/p>\n<\/li>\n BTC\/USD continues to drop toward new multiday lows.<\/p>\n<\/li>\n<\/ul>\n Bitcoin (BTC<\/a>) sold off at the May 28 Wall Street open as markets continued to price out US interest rate cuts.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD dipping below $108,000 to challenge multiday lows.<\/p>\n Ahead of the minutes of the Federal Reserve\u2019s May meeting<\/a>, the mood among risk assets was cautious.<\/p>\n CME Group\u2019s FedWatch Tool<\/a> showed decreasing odds of a rate cut \u2014\u00a0a key tailwind for crypto, stocks and more \u2014\u00a0before September.<\/p>\n Informal sentiment likewise continued to deteriorate on the day, with prediction service Kalshi<\/a> seeing just two cuts in 2025, down from four in early April.<\/p>\n \ud83d\udcca UPDATE: Markets now pricing in just 2 Fed rate cuts in 2025, down from 4 earlier this year, as uncertainty builds ahead of today\u2019s Fed minutes. pic.twitter.com\/vAYLJGJjwF<\/a><\/p>\n \u2014 Cointelegraph (@Cointelegraph) May 28, 2025<\/a><\/p><\/blockquote>\n In its latest analysis, trading resource The Kobeissi Letter nonetheless revealed a potential silver lining.\u00a0<\/p>\n Consumer sentiment over the labor market, it reported, was flashing classic signs of a forthcoming unemployment spike \u2014 something which could force the Fed to bring rate cuts forward.<\/p>\n \u201cThe assessment of current job availability has also decreased over the last 3 years. In previous economic cycles, this metric has been a leading indicator for unemployment,\u201d it told<\/a> X followers.<\/p>\n \u201cThis indicator clearly suggests a further increase in the unemployment rate in the coming months. The labor market continues to show signs of weakness.\u201d<\/p><\/blockquote>\n BTC price action meanwhile cut through bid liquidity<\/a> on its way down, something which popular trader TheKingfisher previously warned could form a \u201ctrigger\u201d for further losses if broken.<\/p>\n Related: <\/strong><\/em>Bitcoin whales keep buying as BTC price dip targets include $94K<\/strong><\/em><\/a><\/p>\n \u201cHowever, the more striking feature is the massive wall of short liquidations immediately above, starting from $108900 and extending significantly upwards, particularly around $109000-$109200+,\u201d he acknowledged<\/a>.<\/p>\n\n
BTC price retreats with Fed rate cut bets<\/h2>\n
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Risk assets lack volatility trigger<\/h2>\n