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.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
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.
BTC/USD annotated chart. Source: Crypto Tony/Twitter
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.
S&P 500 1-week candle chart. Source: TradingView
$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 annotated chart. Source: Rekt Capital/Twitter
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.
BTC/USD monthly returns chart (screenshot). Source: Coinglass
Cointelegraph previously outlined potential bottom targets for the pair, among them those based on performance during previous bear markets.
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