Bitcoin ignores US jobs data as BTC price dip puts $28K support at risk
Bitcoin (BTC) recovered from new ten-day lows at the April 20 Wall Street open as United States jobs data boosted investor confidence.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reversing upward after hitting $28,360 on Bitstamp.
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.
Spot gold became the main risk asset beneficiary, climbing back above $2,000 on the day.
U.S. equities opened higher but subsequently reversed their uptick, with the S&P 500 and Nasdaq Composite Index down 0.6%.
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.
“This seems like a ‘lose this level, and it's lights out’ type of scenario,” he admitted alongside a chart showing the support range.
Fellow trader Pierre meanwhile eyed a retest of a “no-trade zone” extending down to $27,000.
A few days later, and here we are retesting the "DO NOT TRADE HERE" 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
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.
price > D1 trend (defended since low 20s) & 28,000-28,500 (May 2022 support // March 2023 resistance) confluence == goodprice < D1 trend (defended since low 20s) & 28,000-28,500 (May 2022 support // March 2023 resistance) confluence == badVoilà, that's it. GL HF https://t.co/k50u8cwR6a pic.twitter.com/Bjzhq7DgZ9
Data from the Binance order book showed bid liquidity
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