#BinanceMegadropSolv
BTC price loses 4% following US JOLTS data as Bitcoin trader warns of $92,000 drop
Bitcoin analyst blames “phishing” for sudden BTC price correction of over $4,000 in hours.
Bitcoin fell 4% on January 7 as BTC's "predictable" price action put whales in the spotlight.
Bitcoin spoofing causes price support to disintegrate
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it fell below $98,000.
The move came amid macroeconomic reactions to data from the US Job Openings and Labor Turnover Survey (JOLTS), which showed a surge in hiring in a boost to the labor market.
“The market was catalyzed lower by the rise in JOLTS, however, without an increase in initial jobless claims, a rise in JOLTS means one thing: JOB CREATION,” popular trader and YouTube channel host Matt Cowart responded in a post on X.
“I’m excited to let the market fall today and go back to long positions tomorrow.”
Completely reversing the previous day's gains, Bitcoin was left at the mercy of high-volume traders as recently placed support disappeared.
In reaction, Keith Alan, co-founder of trading source Material Indicators, called the practice “spoofing” – the deliberate shifting of liquidity on order books by entities with large amounts of capital.
“Fakes are annoying, but they tend to facilitate predictable Bitcoin price action,” he summarized.
Spoofing can significantly impact price action over short time frames, and Bitcoin experiences swings as liquidity appears and disappears above or below the price.
Alan uploaded a chart of the BTC/USDT pair on Binance, highlighting the removal of several recent liquidity blocks.
Continuing, popular trader Skew noted that the last few BTC long positions had been “wiped out” thanks to the pullback.
Data from monitoring resource CoinGlass confirmed that more than $30 million in long positions were liquidated in a single hour of the day.
“The new test is ongoing and may be volatile,” added trader and analyst Rekt Capital in his latest market analysis.
“A daily close above $101,165 (black) is needed to confirm a successful retest.”