The two U.S. economic data releases synchronized this time overall show a clear hawkish signal. In May, the core PCE year-over-year rate came in at 3.4%, meeting market expectations but reaching a new high since October 2023, and the pace of easing inflation has noticeably stalled. In the same period, the weekly initial jobless claims were 215,000, below the market expectation of 225,000, and the labor market remains strongly resilient. With the two data points mutually reinforcing each other, they continuously strengthen market pricing that the Federal Reserve will maintain high interest rates for a long time. U.S. Treasury yields and the U.S. dollar index gain upward support, directly exerting ongoing pressure on Bitcoin, a non-interest-bearing risk asset. With inflation warming up on top of strong employment, market expectations for rate cuts this year are once again pushed back, and the opportunity cost of holding crypto assets remains high; institutional investors’ long-term selling intentions are difficult to ease, so the pattern of spot fund outflows will not see a clear improvement. After the data landed, market risk appetite cooled quickly, and on-exchange funds voluntarily shrank high-risk positions. Bitcoin’s short-term selling pressure further intensified, and the key support at 60,000 faces a tougher test. Even if a small technical rebound appears during the session, it lacks incremental buy-side support, leaving an obvious upper limit to the rebound. Overall, the medium-term downward market structure becomes further consolidated, and tonight’s market focus is likely to move lower rather than higher. $BTC $ETH $SOL