{"id":15397,"date":"2022-11-29T11:25:30","date_gmt":"2022-11-29T11:25:30","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-shrugs-off-blockfi-china-protests-as-btc-price-holds-16k\/"},"modified":"2022-11-29T11:25:31","modified_gmt":"2022-11-29T11:25:31","slug":"bitcoin-shrugs-off-blockfi-china-protests-as-btc-price-holds-16k","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-shrugs-off-blockfi-china-protests-as-btc-price-holds-16k\/","title":{"rendered":"Bitcoin shrugs off BlockFi, China protests as BTC price holds $16K"},"content":{"rendered":"
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Bitcoin (BTC) held crucial $16,000 support into Nov. 29 as bulls weathered ongoing FTX fallout and macro triggers.<\/p>\n

BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

Trader teases BTC long as $16,500 reappears<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView confirmed BTC\/USD leaving lower levels untouched overnight.<\/p>\n

The pair had seen a flash downturn after the Nov. 27 weekly close thanks to uncertainty from China over Coronavirus measures.<\/p>\n

A recovery nonetheless took the market higher, with $16,500 coming into play at the time of writing. <\/p>\n

As Cointelegraph reported, traders and analysts had warned that it was all but essential to preserve current support, with a violation opening up the road to $14,000 or lower.<\/p>\n

Popular trader Crypto Tony even felt comfortable going long BTC on the day.<\/p>\n

\u201cFlipping the EQ would be a safer long entry, but keeping this open with a tight stop loss is the best way for me,\u201d he revealed<\/a> to Twitter followers.<\/p>\n

An accompanying chart identified support and resistance zones in play on midrange timeframes.<\/p>\n

BTC\/USD annotated chart. Source: Crypto Tony\/ Twitter<\/em><\/figcaption><\/figure>\n

Even fresh repercussions over the FTX debacle failed to dent Bitcoin\u2019s performance, meanwhile, these coming in the form of a bankruptcy filing and lawsuit from crypto lender BlockFi.<\/p>\n

The latest in a chain reaction sparked by FTX going under, the news came alongside a surprise resumption of salary payments by the defunct exchange.<\/p>\n

\u201cMakes sense after this bounce, as we’ve created a HL on Bitcoin and aiming at resistance again,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, continued<\/a> about a higher low (HL) on the 4-hour chart. <\/p>\n

\u201cTaking out the range between $16.5-16.8K would trigger continuation towards $18K.\u201d<\/p><\/blockquote>\n

BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/ Twitter<\/em><\/figcaption><\/figure>\n

China woes cool ahead of Fed Powell speech<\/h2>\n

China meanwhile formed the main macro focus on the day, with anti-lockdown protests\u2019 impact on market sentiment nonetheless seeming to ease.<\/p>\n

Related:\u00a0New BTC miner capitulation? 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n

Asian markets bounced back strongly, with Hong Kong\u2019s Hang Seng up 5.2% at the time of writing and the Shanghai Composite Index gaining 2.3%.<\/p>\n

Hang Seng Index (HSI) 1-hour candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

\u201cWe do not expect China policy to publicly shift away from the Zero Covid stance, however, we could see some easing of the policy privately and in localized areas,\u201d Mohit Kumar, an analyst at investment banking firm Jefferies, wrote in a note quoted by Bloomberg.<\/p>\n

Nov. 30 looked set to be the key trading day of the week, with Bitcoin\u2019s monthly close accompanied by a speech from Jerome Powell, Chair of the United States Federal Reserve.<\/p>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n