Bitcoin (BTC) held crucial support at $16,000 on Nov. 29 as bulls shook off the FTX crash and macro-economic triggers.
Trader Hints at Going Long on BTC as $16,500 Level Reappears
Data from Cointelegraph Markets Pro and TradingView confirmed that the BTC/USD pair did not touch lower levels overnight.
After the weekly close on November 27, the pair had suffered a sudden drop due to the uncertainty of China about the measures against COVID-19.
However, the rally took the market higher, at $16,500 at press time.
As Cointelegraph reported, traders and analysts had warned that it was almost essential to preserve current support, with a drop opening the way to $14,000 or below.
Popular Crypto trader Tony even felt comfortable going long BTC on the day.
“Turning the EQ would be a safer long entry, but keeping this open with a tight stop loss is the best way for me,” revealed to his Twitter followers.
An accompanying chart identifies the support and resistance zones at play on the mid-time frames.
Even the fresh fallout from the FTX debacle failed to hurt Bitcoin’s performance. Meanwhile, these came in the form of a bankruptcy filing and a lawsuit from the cryptocurrency lender; BlockFi.
This news, the latest in a chain reaction sparked by the FTX bankruptcy, came alongside the surprise resumption of salary payments by the defunct exchange.
“Makes sense after this bounce as we have created a higher low in Bitcoin and targeting resistance again,” continuous Michaël van de Poppe, founder and CEO of trading firm Eight, on a higher low on the 4-hour chart:
“Breaking out of the $16,500-16,800 range would trigger a continuation towards $18,000.”
China’s woes calm down ahead of Jerome Powell’s speech
China, for its part, was the main focus of macroeconomic attention during the day, in which the impact of the protests against the blockade on market sentiment seems, however, to be attenuated.
Asian markets rallied strongly, with Hong Kong’s Hang Seng rising 5.2% at press time and the Shanghai Composite Index gaining 2.3%.
“We do not expect China’s policy to publicly move away from the Zero Covid stance, however we could see some policy easing privately and in localized areas,” Mohit Kumar, an analyst at investment banking firm Jefferies, wrote. in a note cited by Bloomberg.
November 30 looked like it was going to be the key day of the week, with Bitcoin’s monthly close accompanied by a speech from Jerome Powell, Chairman of the US Federal Reserve.
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