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

Bitcoin hovered above $16,000 on the Nov. 28 Wall Street open as analysts diverged on the next market move.

Bitcoin spot price near key support

Data showed BTC/USD maintaining the $16,000 support level at the time of writing amid misgivings over China’s impact on risk assets.

After a modestly higher weekly close, the pair still lacked volatility as one commentator warned of a “teleport” toward $12,000 should $16,000 break.

“When it breaks below 16k, it teleports to 12k-14k,” Il Capo of Crypto insisted.

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

“Finally some movement .. Stop loss firmly remains at $16,000, but will close if hit and look for shorts if we then proceed to close below the support zone and flip into resistance,” part of a tweet read on the day.

Fellow trader Pentoshi meanwhile focused on macro triggers as China anti-COVID protests weighed on sentiment.

The S&P 500, he predicted, was due a rejection next, setting the tone for a long-term downtrend to continue.

$19,500 could become new BTC price ceiling

Others drew attention to the upcoming monthly close amid a lack of catalysts elsewhere at the start of the week.

Beyond a source of potential volatility, trader and analyst Rekt Capital noted that Bitcoin’s monthly closing price would determine its longer-term price range.

“When BTC lost the ~$19500 level as support… It broke down into the ~$13900-$19500 Monthly Range,” he explained on the day.

“Monthly Candle Close is coming up soon. A Monthly Close below ~$19500 would likely confirm the ~$13900-$19500 Range as its new playground.”

BTC/USD was down around 21% for the month of November at the time of writing, marking its worst November performance since its last bear market year in 2018.