Bitcoin Will “Teleport” To $14,000 Or Worse If BTC Surpasses $16,000 – Analyst

Bitcoin faces pressure from China, a stock market trend in addition to fallout from FTX.

Market Update

Bitcoin (BTC) surged above $16,000 at Wall Street's open on Nov. 28 as analysts differ on what to expect from the market's next move.

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

Bitcoin spot price close to key support

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding the $16,000 support level at the time of writing, amid concerns over China's impact on risky assets.

After a slightly higher weekly close, the pair still lacked volatility, with one commentator warning of a "teleport" to $12,000 if it breaks $16,000.

"When it drops below 16k, it teleports to 12k-14k," Crypto's Il Capo insisted.

Popular Twitter account Credible Crypto asked where the volatility had gone, while Crypto Tony also identified $16,000 as a line in the sand for his own trading strategy.

"Finally a move... The stop loss remains firmly at $16,000, but will close if hit and look for shorts if we then continue to close below the support zone and swing into the resistance," read part of a tweet on the day.

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

Pentoshi, another trader, meanwhile focused on macro triggers, as Chinese protests over the government's COVID-19 containment strategies countries weighed on sentiment.

The S&P 500, it