Bitcoin Stocks rebounded from fresh 10-day lows opened on Wall Street on April 20 as US jobs data boosted investor confidence. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reversed gains after touching $28,360 on Bitstamp.
Amid the ongoing correction, the pair failed to even reclaim the $29,000 support level as US unemployment data suggested that tightening financial conditions were cooling inflation. Spot gold became the main beneficiary of risky assets and rose back above $2,000 that day.
US stocks opened higher but then reversed gains, with the S&P 500 and Nasdaq Composite down 0.6%. At the time of writing, BTC/USD is hovering around $28,800, with popular Twitter trader and analyst Adam warning that the current range is failing to hold .
"It looks like a 'lose this level and it goes off' type of scenario," he admitted alongside a chart showing a support range. "In terms of engagement, pretty low key in the lows as I like to be aggressive here. Happy to buy reclaims above local S/R." Meanwhile, trader Pierre is eyeing a retest of the "no-deal zone" extending down to $27,000.
Another post explains possible upside and downside targets if BTC/USD fails to trend for several weeks on the daily time frame. Data from the Binance order book showed bid liquidity was lower than spot an hour before the jobs data, with the nearest support level now at $28,000.
“Note: Native support has become unstable,” wrote Material Indicators, the monitoring resource that generated the data and uploaded it to Twitter, in an accompanying comment. “Some are set to absorb the selloff just above $28,000. If it gets hit, expect $28,000 to be firm." Long liquidations took a breather a day after hitting their largest in 2023 on April 19 as funding rates turned negative. Liquidations across crypto longs totaled $262 million on the day, compared with just $34 million on April 20, Coinglass.
