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Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) shed 4% on Jan. 7 as “predictable” BTC price action put whales in the spotlight.
<figure>
 <img alt="BTC price loses 4% on US JOLTS data as Bitcoin trader warns of $92K dip" src="https://s3.cointelegraph.com/uploads/2025-01/01944183-9e7b-72b4-96c6-9b0a6f9c6686" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
 </figcaption>
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<h2 id="bitcoin-spoofing-sees-price-support-disintegrate">Bitcoin “spoofing” sees price support disintegrate</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="" target="_self" text="null" title="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="null" target="null" text="null" title="null">TradingView</a> followed BTC/USD as it dipped below $98,000.
The move came amid macro reactions to US <a data-ct-non-breakable="null" href="https://www.bls.gov/news.release/jolts.nr0.htm" rel="nofollow noopener" target="_blank" text="null" title="https://www.bls.gov/news.release/jolts.nr0.htm">Job Openings and Labor Turnover Survey (JOLTS)</a> data, which showed a hiring surge in a boost to the labor market.&nbsp;
“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 <a data-ct-non-breakable="null" href="https://x.com/TradersParadise/status/1876656735165014141" rel="null" target="null" text="null" title="null">responded</a> in a post on X.&nbsp;
<blockquote>
 “Excited to let the market fall today and back into longs tomorrow.”
</blockquote>
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, <a data-ct-non-breakable="null" href="https://x.com/MI_Algos/status/1876631719379624190" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/MI_Algos/status/1876631719379624190">labeled</a> 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.&nbsp;
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.
<figure>
 <img alt="BTC price loses 4% on US JOLTS data as Bitcoin trader warns of $92K dip" src="https://s3.cointelegraph.com/uploads/2025-01/0194417e-c2ad-7fba-820b-cee1d26fa84e" title="">
 <figcaption style="text-align: center;">
 BTC/USDT order book data. Source: Keith Alan/X
 </figcaption>
</figure>
Continuing, popular trader Skew noted that late long BTC positions had been “wiped out” thanks to the retracement.&nbsp;
<figure>
 <img alt="BTC price loses 4% on US JOLTS data as Bitcoin trader warns of $92K dip" src="https://s3.cointelegraph.com/uploads/2025-01/01944180-0546-7753-8533-1ed9c6442ffb" title="">
 <figcaption style="text-align: center;">
 BTC liquidations (screenshot). Source: CoinGlass
 </figcaption>
</figure>
Data from monitoring resource <a data-ct-non-breakable="null" href="https://www.coinglass.com/LiquidationData" rel="null" target="null" text="null" title="null">CoinGlass</a> confirmed that more than $30 million of longs was 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 <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1876602261243347437" rel="null" target="null" text="null" title="null">added</a> in his latest market analysis.
<blockquote>
 “A Daily Close above $101,165 (black) is needed to confirm a successful retest.”
</blockquote>
<figure>
 <img alt="BTC price loses 4% on US JOLTS data as Bitcoin trader warns of $92K dip" src="https://s3.cointelegraph.com/uploads/2025-01/01944180-69d6-78a8-8025-85f292d14d0d" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: Rekt Capital/X
 </figcaption>
</figure>
<h2 id="bearish-btc-price-predictions-return">Bearish BTC price predictions return</h2>
Earlier, Cointelegraph reported on traders’ BTC price expectations, while the $100,000 mark still held.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/back-to-76k-2025-5-things-bitcoin-this-week" rel="" target="_self" text="null" title="https://cointelegraph.com/news/back-to-76k-2025-5-things-bitcoin-this-week">Back to $76K for 2025? 5 things to know in Bitcoin this week</a>
Then, some eyed the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-gurus-these-btc-price-levels-hitting-next-100k" rel="null" target="null" text="null" title="null">potential invalidation</a> of a bearish head and shoulders formation on the daily chart with current $108,000 all-time highs as the peak.&nbsp;
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 <a data-ct-non-breakable="null" href="https://x.com/BigCheds/status/1876645144931283433" rel="null" target="null" text="null" title="null">warned</a>.
<figure>
 <img alt="BTC price loses 4% on US JOLTS data as Bitcoin trader warns of $92K dip" src="https://s3.cointelegraph.com/uploads/2025-01/01944180-f984-7a54-a660-63d33d6de259" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: Cheds Trading/X
 </figcaption>
</figure>
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 <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-bulls-run-97k-btc-price-resistance-levels" rel="null" target="null" text="null" title="null">Cointelegraph previously reported</a> as being an important support level.
<figure>
 <img alt="BTC price loses 4% on US JOLTS data as Bitcoin trader warns of $92K dip" src="https://s3.cointelegraph.com/uploads/2025-01/01944181-88d9-748a-b12b-9735bd6fb4d5" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: Scott Melker/X
 </figcaption>
</figure>
“Testing support now, but lose this, and BTC probably tests those $92k lows,” trader Justin Bennett <a data-ct-non-breakable="null" href="https://x.com/JustinBennettFX/status/1876648761348481326" rel="null" target="null" text="null" title="null">cautioned</a> in part of his own market analysis.
<figure>
 <img alt="BTC price loses 4% on US JOLTS data as Bitcoin trader warns of $92K dip" src="https://s3.cointelegraph.com/uploads/2025-01/01944182-06b9-7c7d-ab5d-3cde6524eac2" title="">
 <figcaption style="text-align: center;">
 BTC/USDT 1-day chart. Source: Justin Bennett/X
 </figcaption>
</figure>
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.

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

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