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

1 year ago

Bitcoin (BTC) held important $16,000 enactment into Nov. 29 arsenic bulls weathered ongoing FTX fallout and macro triggers.

Trader teases BTC agelong arsenic $16,500 reappears

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD leaving little levels untouched overnight.

The brace had seen a flash downturn aft the Nov. 27 play adjacent acknowledgment to uncertainty from China implicit Coronavirus measures.

A betterment nevertheless took the marketplace higher, with $16,500 coming into play astatine the clip of writing.

As Cointelegraph reported, traders and analysts had warned that it was each but indispensable to sphere existent support, with a usurpation opening up the roadworthy to $14,000 oregon lower.

Popular trader Crypto Tony adjacent felt comfy going agelong BTC connected the day.

“Flipping the EQ would beryllium a safer agelong entry, but keeping this unfastened with a choky halt nonaccomplishment is the champion mode for me,” helium revealed to Twitter followers.

An accompanying illustration identified enactment and absorption zones successful play connected midrange timeframes.

Even caller repercussions implicit the FTX debacle failed to dent Bitcoin’s performance, meanwhile, these coming successful the signifier of a bankruptcy filing and lawsuit from crypto lender BlockFi.

The latest successful a concatenation absorption sparked by FTX going under, the quality came alongside a surprise resumption of wage payments by the defunct exchange.

“Makes consciousness aft this bounce, arsenic we've created a HL connected Bitcoin and aiming astatine absorption again,” Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, continued astir a higher debased (HL) connected the 4-hour chart.

“Taking retired the scope betwixt $16.5-16.8K would trigger continuation towards $18K.”

China woes chill up of Fed Powell speech

China meantime formed the main macro absorption connected the day, with anti-lockdown protests’ interaction connected marketplace sentiment nevertheless seeming to ease.

Asian markets bounced backmost strongly, with Hong Kong’s Hang Seng up 5.2% astatine the clip of penning and the Shanghai Composite Index gaining 2.3%.

“We bash not expect China argumentation to publically displacement distant from the Zero Covid stance, however, we could spot immoderate easing of the argumentation privately and successful localized areas,” Mohit Kumar, an expert astatine concern banking steadfast Jefferies, wrote successful a enactment quoted by Bloomberg.

Nov. 30 looked acceptable to beryllium the cardinal trading time of the week, with Bitcoin’s monthly adjacent accompanied by a code from Jerome Powell, Chair of the United States Federal Reserve.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

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