Bitcoin’s recent upward momentum came to a sudden halt as the asset faced rejection at 75,000 dollars and quickly fell by about 2,000 dollars within minutes.
The sharp decline followed the release of the latest US jobs report, which delivered stronger than expected data. The US Labor Department reported that initial jobless claims fell by 11,000 to a seasonally adjusted 207,000 for the week ending April 11. This came in below market expectations of around 215,000 claims.
Despite the relatively positive data, concerns remain about broader economic conditions. Layoffs are still low, but ongoing tensions involving Iran could be slowing hiring activity. Economist Carl Weinberg noted that rising energy and material costs could eventually pressure companies to cut jobs in order to maintain profit margins, drawing comparisons to delayed effects seen during the 1973 oil crisis.
Shortly after the report was released, Bitcoin dropped from 75,000 dollars to around 73,200 dollars before recovering slightly to about 73,700 dollars.
Liquidations Surge as Market Reacts
The sudden price movement triggered a wave of liquidations across the market, with altcoins experiencing similar declines. In just one hour, more than 120 million dollars in positions were liquidated, with long positions making up the majority.
Over a 24 hour period, total liquidations have climbed to approximately 350 million dollars. Nearly 140,000 traders were affected during this time, highlighting the scale of the market reaction.
The largest single liquidation occurred on Binance and was valued at nearly 10 million dollars, underscoring the intensity of the selloff.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
