Bitcoin (BTC) rebounded from ten-day lows on April 20 as US jobs data boosted investor confidence. Despite an ongoing correction, BTC/USD failed to reclaim $29,000 as support, hitting $28,360 on Bitstamp. As US unemployment data suggested tighter financial conditions were cooling inflation, spot gold became the main risk asset beneficiary, rising above $2,000 on the day.
BTC/USD was trading around $28,800 at the time of writing, with traders warning that the current support range may not hold and that a retest of the "no-trade zone" extending down to $27,000 could be possible.
Long liquidations in the cryptocurrency market cooled on April 20 after reaching a record high on April 19. According to data from Coinglass, cross-crypto long liquidations totaled $262 million on April 19, with the April 20 number at just $34 million.
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