BTC price loses 4% on US JOLTS data as Bitcoin trader warns of $92K dip

Bitcoin (BTC) shed 4% on Jan. 7 as “predictable” BTC price action put whales in the spotlight.

Bitcoin “spoofing” sees price support disintegrate

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it dipped below $98,000.

The move came amid macro reactions to US Job Openings and Labor Turnover Survey (JOLTS) data, which showed a hiring surge in a boost to the labor market. 

“Market catalyzed lower on JOLTS rising, however without initial jobless claims going up a rising JOLTS means one thing – JOB CREATION,” popular trader and YouTube channel host Matt Cowart responded in a post on X. 

“Excited to let the market fall today and back into longs tomorrow.”

Fully reversing snap gains from the day prior, Bitcoin was at the mercy of large-volume traders as recently placed support disappeared.

Reacting, Keith Alan, co-founder of trading resource Material Indicators, labeled the practice “spoofing” — the deliberate shifting of liquidity on order books by entities with large amounts of capital.

“Spoofs are annoying, but they do tend to facilitate some predictable price action for Bitcoin,” he summarized. 

Spoofing can significantly impact price action on short timeframes, with Bitcoin seeing swings due to liquidity appearing and disappearing above or below the price.

Alan uploaded a BTC/USDT pair chart on Binance, highlighting the removal of several recent liquidity blocks.

Continuing, popular trader Skew noted that late long BTC positions had been “wiped out” thanks to the retracement. 

Data from monitoring resource CoinGlass confirmed that more than $30 million of longs were liquidated in a single hour on the day.

“The retest is in progress and it may be a volatile one,” fellow trader and analyst Rekt Capital added in his latest market analysis.

“A Daily Close above $101,165 (black) is needed to confirm a successful retest.”

Bearish BTC price predictions return

Earlier, Cointelegraph reported on traders’ BTC price expectations while the $100,000 mark still held.

Related: Back to $76K for 2025? 5 Things to know in Bitcoin this week

Then, some eyed the potential invalidation of a bearish head and shoulders formation on the daily chart with current $108,000 all-time highs as the peak. 

The latest retracement, according to popular trader Cheds Trading, now puts that theory in jeopardy.

“$BTC daily now working on a throwback to broken LH/Right shoulder invalidation zone,” he warned.

In subsequent X comments, Cheds Trading added that he considered such price action “completely normal.”

Trader, analyst and podcast host Scott Melker, known as the “Wolf of All Streets,” meanwhile drew attention to the 50-day simple moving average (SMA), which Cointelegraph previously reported as being an important support level.

“Testing support now, but lose this, and $BTC probably tests those $92k lows,” trader Justin Bennett cautioned in part of his own market analysis.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.