Bitcoin shrugs off BlockFi, China protests as BTC price holds $16K


Bitcoin (BTC) held essential $16,000 assist into Nov. 29 as bulls weathered ongoing FTX fallout and macro triggers.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Dealer teases BTC lengthy as $16,500 reappears

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD leaving decrease ranges untouched in a single day.

The pair had seen a flash downturn after the Nov. 27 weekly shut because of uncertainty from China over COVID-19 measures.

A restoration nonetheless took the market greater, with $16,500 coming into play on the time of writing.

As Cointelegraph reported, merchants and analysts had warned that it was all however essential to preserve current support, with a violation opening up the highway to $14,000 or decrease.

Fashionable dealer Crypto Tony even felt comfy going lengthy BTC on the day.

“Flipping the EQ can be a safer lengthy entry, however preserving this open with a decent cease loss is the easiest way for me,” he revealed to Twitter followers.

An accompanying chart recognized assist and resistance zones in play on midrange timeframes.

BTC/USD annotated chart. Supply: Crypto Tony/ Twitter

Even recent repercussions over the FTX debacle didn’t dent Bitcoin’s efficiency. In the meantime, these got here within the type of a bankruptcy filing and lawsuit from crypto lender BlockFi.

The most recent in a sequence response sparked by FTX going underneath, the information got here alongside a surprise resumption of salary payments by the defunct alternate.

“Is sensible after this bounce, as we have created a HL on Bitcoin and aiming at resistance once more,” Michaël van de Poppe, founder and CEO of buying and selling agency Eight, continued a couple of greater low (HL) on the 4-hour chart:

“Taking out the vary between $16.5-16.8K would set off continuation in direction of $18K.”

BTC/USD annotated chart. Supply: Michaël van de Poppe/ Twitter

China woes cool forward of Fed Powell speech

China in the meantime shaped the primary macro concentrate on the day, with anti-lockdown protests’ influence on market sentiment nonetheless seeming to ease.

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Asian markets bounced again strongly, with Hong Kong’s Dangle Seng up 5.2% on the time of writing and the Shanghai Composite Index gaining 2.3%.

Dangle Seng Index (HSI) 1-hour candle chart. Supply: TradingView

“We don’t count on China coverage to publicly shift away from the Zero Covid stance, nevertheless, we may see some easing of the coverage privately and in localized areas,” Mohit Kumar, an analyst at funding banking agency Jefferies, wrote in a be aware quoted by Bloomberg.

Nov. 30 seemed set to be the important thing buying and selling day of the week, with Bitcoin’s month-to-month shut accompanied by a speech from Jerome Powell, Chair of the US Federal Reserve.

The views, ideas and opinions expressed listed below are the authors’ alone and don’t essentially mirror or symbolize the views and opinions of Cointelegraph.