Bitcoin ignores US jobs data as BTC price drop puts $28k support at risk

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

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

BTC Price: “Lights Out” at $28,000?

Data from Cointelegraph Markets Pro and TradingView BTC/USD showed a bullish reversal after reaching $28,360 on Bitstamp.

Amidst the ongoing correction, the pair however failed to reclaim $29,000 as support as US unemployment data indicated that tighter financial conditions are calming inflation.

Spot gold has become the main beneficiary of the risky asset, rising again above $2,000 on the day.

XAU/USD 1 hour candlestick chart. Source: TradingView

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

With BTC/USD trading around $28,800 at the time of writing, popular Twitter trader and analyst Adam warned that the current range is failing to hold.

“This looks like a ‘losing this level, which is kind of scenario,’” he I confess Next to the chart that shows the support range.

“On the share side, the lows are so muted that I’d like to be aggressive for a long time here. I’m happy to buy the recovery above the local S/R.”

Annotated BTC/USD chart. Source: Adam / Twitter

Meanwhile, fellow trader Pierre saw a retest of the “no trade zone” extending to $27,000.

An additional post explained potential bullish and bearish targets in case BTC/USD fails to hold the trend in place for several weeks on daily timeframes.

Data from the Binance order book showed bid liquidity dipping below the point an hour before the jobs data, with the nearest major support now at $28,000.

“Note: Local support is getting tough,” the article threads monitor in Resources, which generated the data and uploaded it to Twitter, books In part of the accompanying commentary.

“Some are positioned to hold a landfill of just over $28k. If you take a beating, expect them to be as strong as $28k.”

BTC/USD order book data (Binance). Source: Material Indicators / Twitter

Cryptocurrency liquidations cool after being recorded in 2023

With funding rates negative, long liquidations took a break the day after April 19 saw the largest tally of 2023.

Related: Can Bitcoin Recover $30K? Watch these BTC price levels next

According to data from Coinglass, crypto long liquidations on that date totaled $262 million, while the April 20 figure was just $34 million.

Cryptocurrency liquidation scheme. Source: Coinglass

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.