Bitcoin traders just got hit with a wave of turbulence. $BTC price plunged by over 4%, wiping out more than $4,000 in value within hours. Whatās causing the chaos? A mix of U.S. job data, market manipulation, and shattered support levels. Letās break it down. š
BTC Falls Below $98K After JOLTS Report š
The trigger? The U.S. Job Openings and Labor Turnover Survey (JOLTS) showed a surprising surge in hiring. This unexpectedly strong labor market data had ripple effects across the financial ecosystem.
Matt Cowart, a well-known trader and YouTuber, didnāt hold back on X (formerly Twitter):
āMarket catalyzed lower on JOLTS risingā¦ but a rising JOLTS means one thing ā JOB CREATION. Excited to let the market fall today and back into longs tomorrow.ā
Bitcoin bulls might need to take a breather. BTC/USD dipped under $98,000, erasing the snap gains from the previous day. Ouch. š¬
The Spoofing Game: Whatās Happening? š
According to Material Indicators co-founder Keith Alan, the dramatic price drop had more to do with āspoofingā than just macroeconomic data. Spoofing is a shady practice where large traders manipulate liquidity on order books to fake demand or supply.
Alan called it out, saying:
āSpoofs are annoying, but they do tend to facilitate some predictable price action for Bitcoin.ā
This time, those liquidity blocks vanished like smoke, leaving BTC support to crumble. The result? Bitcoin couldnāt hold its ground.
Liquidations Hit $30M in an Hour šØ
As Bitcoin slid, late long positions were obliterated. Monitoring site CoinGlass confirmed that over $30 million worth of long positions were liquidated in just one hour.
Traders like Skew highlighted the aftermath:
āLate long BTC positions have been wiped out.ā
The carnage didnāt stop there. Analyst Rekt Capital warned of continued volatility, stating:
āA daily close above $101,165 is needed to confirm a successful retest.ā
Bearish Predictions Loom Large š»
With the $100,000 mark under threat, bearish scenarios are creeping back into the picture. Some traders are revisiting the ominous āhead and shouldersā pattern that could signal deeper corrections.
Popular trader Cheds Trading expressed doubts about Bitcoinās recent momentum, saying:
ā$BTC daily now working on a throwback to broken LH/Right shoulder invalidation zone.ā
Meanwhile, analyst Justin Bennett had an even starker warning:
āLose this support, and BTC probably tests those $92K lows.ā
Whatās Next for Bitcoin? š¤
The market is at a critical juncture. All eyes are on Bitcoinās ability to hold key support levels, like the 50-day simple moving average (SMA). Traders are bracing for more volatility, with the bulls hoping for a quick recovery and bears gearing up for further dips.
For now, buckle up. Itās going to be a bumpy ride in crypto land. š or š? Only time will tell.
#Spoofing #alert #btc92k #nextdip #SMA
