Bitcoin ignores US jobs data as BTC price dip puts $28K support at risk

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Bitcoin (BTC) has recovered from a 10-day low on Wall Street on April 20 as US jobs data boosted investor confidence.

BTC Price: ‘Lights Out’ at $28,000?

Cointelegraph Markets Pro and TradingView It showed BTC/USD flipping upwards after reaching $28,360 on Bitstamp.

The pair nevertheless failed to regain $29,000 as support as U.S. unemployment data suggested tight financial conditions were working to cool inflation amid an ongoing correction.

Physical gold became the major risk asset beneficiary, rising above $2,000 on the day.

US stocks opened higher but then reversed their gains, with the S&P 500 and Nasdaq Composite Index down 0.6%.

BTC/USD is hovering around $28,800 at the time of writing, with popular Twitter trader and analyst Adam warning that the current range is not holding.

“This seems like a ‘lights out if you lose this level’ type of scenario,” he says. Admitted Along with a chart showing the range of support.

“As far as participation goes, the low end is pretty well suppressed for me, who likes to go long and aggressive here.

Fellow trader Pierre, meanwhile, has his eyes on a retest of the No Trade Zone, which will drop to $27,000.

A few days later we are retesting the “DO NOT TRADE HERE” zone from above, joining the D1 trend that has been defended from 20.5-21.8k. https://t.co/q2km1uyfgu pic.twitter.com/VwPKC3FKM4

— Pierre (@pierre_crypt0) April 20, 2023

In an additional post, I explained the upside and downside targets if BTC/USD fails to stay trendy for a few weeks on the daily timeframe.

Price > D1 trend (defensive from late 20s) & 28,000-28,500 (support May 2022 // resistance Mar 2023) confluence == good

Price < D1 trend (defensive from late 20s) & 28,000-28,500 (support May 2022 // resistance March 2023) confluence == bad

See, that’s it. GLHF https://t.co/k50u8cwR6a pic.twitter.com/Bjzhq7DgZ9

— Pierre (@pierre_crypt0) April 20, 2023

Binance orderbook data shows bid liquidity dipping below the spot an hour before job data, with the closest real support currently at $28,000.

“Note: local support has become very tight,” said monitoring resource Material Indicators, which produced the data and uploaded it to Twitter. I have written Part of the accompanying commentary.

“Some were put in place to absorb a dump of just over $28,000.

Crypto Liquidations Cool Down After 2023 Record

A day after April 19, when the largest tally of 2023 took place, the long-term liquidation took its last breath as the funding rate turned negative.

RELATED: Can Bitcoin Bring Back $30,000? Next Look at These BTC Price Levels

According to data from coin glassCroscript Long liquidations for the day totaled $262 million, compared with just $34 million on April 20.

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This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.