Bulls in Bitcoin (BTC) have managed to keep the asset’s price above $16,000, extending its consolidation around that level.
Notably, Bitcoin’s prospects for a rally have been hampered by coronavirus restrictions protests in China, causing new market turmoil.
Indeed, Kitco News analyst Jim Wyckoff noted on November 28 that Bitcoin bears still have a near-term technical advantage, with the asset potentially falling below $16,000.
“While the BC 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.”
Notably, the general market is still feeling the effects of the FTX crypto exchange collapse. Interestingly, the first cryptocurrency is still being weighed down by macroeconomic factors, with civil unrest events in China casting a bleak outlook on markets.
Analysts predict that the turbulence in China will strain the supply chain, making it difficult to control inflation and interest rates.