Jim Wyckoff of Kitco News noted on November 28 that Bitcoin bears still have a technical edge.
“While the BTC bulls have stabilized prices since they hit a two-year low last week, the bulls are disappointed BC prices have not seen safe-haven demand amid the China civil unrest over the weekend. The BC bears have an overall near-term technical advantage. However, the recent sideways price action very slightly favors the bulls,” he said.
Bitcoin candle chart. Source: TradingView
On the general market, Bitcoin is still affected by the collapse of FTX. It is interesting to note that the first cryptocurrency continues to be weighed down by macroeconomic factors, with the recent civil unrest events in China presenting a gloomy outlook on markets.
Analysts project higher inflation and interest rates if China's turbulence strains the supply chain.
Prices of BTC
In the hours before publication, Bitcoin traded at $16,152 with a daily loss of about 3%.
Bitcoin price chart. Source: Finbold
Bitcoin's price corrected following a two-year low of $15,400 last week. A price above $16,100 is required for Bitcoin to avoid any further free lows.
The crypto-trading expert Michael van de Poppe warned on November 28 that Bitcoin had failed to break crucial areas and could reach fresh lows based on the Chinese situation.
Bitcoin is still trying to find a bottom, but there are signs that it is about to embark on a rally that might target $18,000, which has served as a crucial support level recently. The CCO (cycle channel oscillator) in Bitcoin indicates oversold areas and market bottoms, according to a report.
Analysis of Bitcoin
BTC technical analysis remains bearish, with a summary recommending 'sell' at 15, and moving averages indicating 'strong sell'. At 9, the oscillators are neutral.
Bitcoin technical analysis. Source: TradingView
Yet, despite Bitcoin's recent setback, the market seems optimistic about its future. The flagship digital asset is projected to drop further, A report is provided suggesting that it will trade at $12,117 on Christmas day 2022.