Bitcoin faces pressure from China, a stock market trend in addition to the FTX fallout.
Bitcoin (BTC) hovered above $16,000 on the Nov. 28 Wall Street open as analysts diverged on what to expect from the next market move.
Bitcoin spot price near key support
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD maintaining the $16,000 support level at the time of writing amid misgivings over China’s impact on risk assets.
After a modestly higher weekly close, the pair still lacked volatility as one commentator warned of a “teleport” toward $12,000 should $16,000 break.
“When it breaks below 16k, it teleports to 12k-14k,” Il Capo of Crypto insisted.
Popular Twitter account Credible Crypto asked where the volatility had gone, while Crypto Tony likewise identified $16,000 as a line in the sand for his own trading strategy.
“Finally some movement .. Stop loss firmly remains at $16,000, but will close if hit and look for shorts if we then proceed to close below the support zone and flip into resistance,” part of a tweet read on the day.
Fellow trader Pentoshi meanwhile focused on macro triggers as Chinese protests over the country’s COVID-19 containment strategies weighed on sentiment.
The S&P 500, he predicted, was due a rejection next, setting the tone for a long-term downtrend to continue.
$19,500 could become the new BTC price ceiling
Others drew attention to the upcoming monthly close amid a lack of catalysts elsewhere at the start of the week.
Related: New BTC miner capitulation? 5 things to know in Bitcoin this week
Beyond a source of potential volatility, trader and analyst Rekt Capital noted that Bitcoin’s monthly closing price would determine its longer-term price range.
“When BTC lost the ~$19500 level as support... It broke down into the ~$13900-$19500 Monthly Range,” he explained on the day.
“Monthly Candle Close is coming up soon. A Monthly Close below ~$19500 would likely confirm the ~$13900-$19500 Range as its new playground.”
BTC/USD was down around 21% for the month of November at the time of writing, marking its worst November performance since its last bear market year in 2018.
Cointelegraph previously outlined potential bottom targets for the pair, among them those based on performance during previous bear markets.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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