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| Bitcoin price gives up key trend line as US jobs data deals 5% losses |
Bitcoin (BTC $19,416) remained near the low end of its trading range until October 8 as the bulls failed to offset the macro-induced losses.
$20,000 disappears over the weekend
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD is hovering around $19,500 at the time of writing.
A low of $19,340 was seen on Bitstamp the day before the consolidation began.
The pair saw an uptrend, if predictable, with unemployment numbers in the United States, where crypto markets mimicked equities, while the US dollar rose.
Michael van de Pope, founder and CEO of trading firm Eight, described the unemployment rate as "less than expected".
"This week's economic data was contradictory," he said:
Meanwhile, the on-chain analytics resource material indicator noted the ongoing importance of bitcoin's 50-day moving average (MA) as resistance.
Currently, just below $20,000, the 50MA also joined the 21MA after the release of the unemployment data, later retesting.
“This week, bitcoin received 4 consecutive rejections from the 50-day moving average, and on today’s positive US unemployment report, bulls reversed the R/S flip to $20k, 2017 top and 21-day MA,” Content indicator abbreviation.
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| Bitcoin price gives up key trend line as US jobs data deals 5% losses |
As the market burns, liquidations increase
BTC long traders, meanwhile, will have to wait until October 7th as a result of Snap's volatility return. faced approximately $23 million in liquidation
Last week, Cointelegraph noted the importance of $19,000 as the floor area of the current range, a significant breach of which, analysts feared, would result in a major unwinding.
Whale buy and sell levels were therefore important, analysis platform Whalemap concluded, supporting a failure of the $12,500 play with a potential downside price target.
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