Bitcoin is holding firmly onto the crucial $16,000 level as the month draws to an end. Despite the ongoing FTX fallout and macro triggers, a recovery for the market is on the cards.
Bitcoin is trading at $16,871 having gained 2.40% in the last 24 hours, while Ether is up by 5.32% and changing hands at $1,268. ETH saw its highest level since the second week of November. Bitcoin is applauded because of its remarkable resilience. The popular crypto has largely held above the crucial $16,000 throughout the month since Sam Bankman-Fried’s crypto exchange FTX started to implode.
John Peurifoy, the co-founder and CEO of Floating Point Group, said people are nervous. He believes people are nervous about where the contagion goes and what counter-parties they are working with. The crypto community and investors are cautious. But the ongoing bullish wave has proved considerably stronger in comparison to the past. Moreover, data suggests that the market’s bullishness hasn’t lasted and resulted in even bigger losses.
And risks remain, this time around it’s coming from China. As such, there could be some choppiness toward $17,000 at the monthly S2 support level that will act as resistance. If this is thrown over and drafted back as a bullish element, the rally could continue toward $19,036, with the monthly S1, the 55-day Simple Moving Average and the high of November 21 as pivotal levels, bearing a 17% gain.