{"id":11593,"date":"2023-04-21T04:55:32","date_gmt":"2023-04-21T04:55:32","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=11593"},"modified":"2023-04-21T04:55:34","modified_gmt":"2023-04-21T04:55:34","slug":"bitcoin-ignores-us-jobs-data-as-btc-price-dip-puts-28k-support-at-risk","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11593","title":{"rendered":"Bitcoin ignores US jobs data as BTC price dip puts $28K support at risk"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) recovered from new 10-day lows at the April 20 Wall Street open as the United States jobs data boosted investor confidence.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>BTC price: \u201cLights out\u201d at $28,000?<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD reversing upward after hitting $28,360 on Bitstamp.<\/p>\n<p>Amid an ongoing correction, the pair nonetheless failed to reclaim even $29,000 as support as U.S. unemployment data hinted that tighter financial conditions were working to cool inflation.<\/p>\n<p>Spot gold became the main risk asset beneficiary, climbing back above $2,000 on the day.<\/p>\n<p><em>XAU\/USD 1-hour candle chart. Source: TradingView<\/em><\/p>\n<p>U.S. equities opened higher but subsequently reversed their uptick, with the S&amp;P 500 and Nasdaq Composite Index down 0.6%.<\/p>\n<p>With BTC\/USD circling $28,800 at the time of writing, popular Twitter trader and analyst Adam warned over the current range failing to hold.<\/p>\n<p>\u201cThis seems like a \u2018lose this level, and it\u2019s lights out\u2019 type of scenario,\u201d he admitted alongside a chart showing the support range. <\/p>\n<p>\u201cParticipation-wise, at lows pretty muted for my liking to get aggressive long here. Happy to buy reclaim above local S\/R.\u201d<em>BTC\/USD annotated chart. Source: Adam\/Twitter<\/em><\/p>\n<p>Fellow trader Pierre, meanwhile, eyed a retest of a \u201cno-trade zone\u201d extending down to $27,000.<\/p>\n<p lang=\"en\" dir=\"ltr\">A few days later, and here we are retesting the &#8220;DO NOT TRADE HERE&#8221; zone from above, in confluence with D1 trend that has been defended since 20.5-21.8k. https:\/\/t.co\/q2km1uyfgu pic.twitter.com\/VwPKC3FKM4<\/p>\n<p>\u2014 Pierre (@pierre_crypt0) April 20, 2023<\/p>\n<p>An additional post explained the likely upside and downside targets should BTC\/USD fail to preserve a trend in place for multiple weeks on daily timeframes.<\/p>\n<p lang=\"en\" dir=\"ltr\">price &gt; D1 trend (defended since low 20s) &amp; 28,000-28,500 (May 2022 support \/\/ March 2023 resistance) confluence == good<\/p>\n<p>price <br \/>Voil\u00e0, that&#8217;s it. GL HF https:\/\/t.co\/k50u8cwR6a pic.twitter.com\/Bjzhq7DgZ9<\/p>\n<p>\u2014 Pierre (@pierre_crypt0) April 20, 2023<\/p>\n<p>Data from the Binance order book showed bid liquidity thinning below spot an hour before the jobs data, with the nearest substantial support now at $28,000.<\/p>\n<p>\u201cNote: Local support just got rugged,\u201d monitoring resource Material Indicators, which produced the data and uploaded it to Twitter, wrote in part of accompanying commentary. <\/p>\n<p>\u201cSome was placed to absorb a dump just above $28k. If it gets hit, expecting $28k to get rugged.\u201d<em>BTC\/USD order book data (Binance). Source: Material Indicators\/Twitter<\/em><\/p>\n<h2>Crypto liquidations cool after 2023 record<\/h2>\n<p>With funding rates negative, long liquidations took a breather on the day after April 19 saw the largest tally of 2023.<\/p>\n<p><strong><em>Related:\u00a0Can Bitcoin reclaim $30K? Watch these BTC price levels next<\/em><\/strong><\/p>\n<p>According to data from Coinglass, cross-crypto long liquidations on that date totaled $262 million, with the April 20 number at just $34 million.<\/p>\n<p><em>Crypto liquidations chart. Source: Coinglass<\/em><\/p>\n<p><strong><em>Magazine:<\/em><\/strong> <strong><em>Bitcoin in Senegal: Why is this African country using BTC?<\/em><\/strong><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-ignores-us-jobs-data-as-btc-price-dip-puts-28k-support-at-risk\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) recovered from new 10-day lows at the April 20 Wall Street open as the United States jobs data boosted investor confidence. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price: \u201cLights out\u201d at $28,000? Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD reversing upward after hitting $28,360 on Bitstamp. Amid an ongoing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11593"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11593\/revisions"}],"predecessor-version":[{"id":11595,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11593\/revisions\/11595"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11594"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}