Bitcoin ignores BlockFi, China protests as BTC price holds at $16,000

BTC price rises higher with Bitcoin joining Asian stocks in a rebound despite continued pressure on FTX. Market Update

Bitcoin (BTC) held on to crucial $16,000 support through Nov. 29 as bulls resisted fallout and ongoing FTX macro triggers.

BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView

Trader teases BTC as long as $16,500 reappears

Data from Cointelegraph Markets Pro and TradingView confirmed that BTC/USD left the lows unchanged overnight.

The pair had experienced a flash drop after the weekly close on Nov. 27 on China's uncertainty over COVID-19 measures.

A recovery has nevertheless pushed the market higher, with $16,500 coming into play at the time of writing.

As Cointelegraph reported, traders and analysts had warned that it was anything but essential to preserve current support, with a breach paving the way for $14,000 or lower.

Popular Crypto trader Tony even felt comfortable going long in BTC that day.

“Reversing the EQ would be a safer long entry, but keeping this open with a tight stop loss is the best way for me,” he revealed to Twitter followers.

An attached chart has identified the support and resistance areas in play over average timeframes.

Annotated BTC/USD chart. Source: Crypto Tony/Twitter

Even further fallout from the FTX debacle hasn't shaken Bitcoin's performance. Meanwhile, these have come in the form...