Bitcoin (BTC) bulls are the largest in the world cryptocurrency seems to be making a great effort to keep its price above $16,000.
However, Bitcoin’s bullish prospects were interrupted by the coronavirus restrictions protests in China, causing new turmoil in the market.
“Bitcoin Bulls Still Have a Slight Advantage,” According to Analyst
Indeed, on Nov. 28, Kitco News analyst Jim Wyckoff claimed that Bitcoin bears still have a short-term technical advantage, with BTC blinking at a possible drop below $16,000:
“While BTC bulls have stabilized prices since hitting a two-year low last week, bulls are disappointed that BTC prices did not see safe-haven demand amid internal turmoil in China over the weekend.
BTC bears generally have a short-term technical advantage. However, the recent sideways price movements are in favor of the bulls, albeit slightly.”
Remarkably, Bitcoin is still facing the effects of the collapse of the FTX crypto exchange on the overall market.
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Interestingly, the first cryptocurrency continues to be weighed down by the prevailing macroeconomic factors around the world, with civil unrest events in China presenting a bleak outlook on markets.
In this case, analysts predict that turbulence in China could strain supply chains, making it harder to control inflation and interest rates in the US.
At the time of this writing, Bitcoin price is trading at about $16,160 with a loss of 1.60% in the last 24 hours.
*Not investment advice.