28 Nov 2022 · 5 min read

Bitcoin Price and Ethereum Down 5% amid China Lockdown - Time to Buy?

The leading cryptocurrency, Bitcoin, failed to break a descending triangle pattern and fell over 3% to $16,160 amid an increased level of FUD in the market. 

Likewise, the second-most valuable cryptocurrency, Ethereum, has followed Bitcoin's lead and fallen sharply by nearly 5% to $1,171.

Crypto Market Cap Update

The global crypto market cap fell over 2% to $815.32 billion the previous day, sending major cryptocurrencies into the red early November 28. Over the last 24 hours, overall crypto market volume grew by 22.10% to $41.69 billion.

DeFi's total volume is currently $2.60 billion, accounting for 6% of the overall crypto market 24-hour volume. The overall volume of all stablecoins is now $38.85 billion, accounting for 93% of the total 24-hour volume of the crypto market.

Let's take a look at the top 24-hour altcoin gainers and losers.

Top Altcoin Gainers and Losers

Celo (CELO), Apecoin (APE), and UNUS SED LEO (LEO) are three of the top 100 coins that have gained value in the last 24 hours. The CELO price has soared by more than 34% to $0.6970, the APE price has grown by more than 13.5% to $3.70, and the LEO price has increased by nearly 7%.

Top Altcoin Gainers and Losers - Source: Coin360 

Aptos (APT), Trust Wallet Token (TWT), and Lido DAO (LDO) are three of the top 100 coins that have lost value in the last 24 hours, where APT has lost over 5.5% to trade at $4.65, TWT is down 4% to trade at $2. At the same time, LDO's price is down over 3% to trade at $1.09.

China Lockdown Triggers Sell-off In Global Markets 

Cryptocurrencies slumped Monday amid a round of investor nervousness in global markets spurred by protests in China against Covid restrictions. Protesters outraged by harsh COVID-19 regulations called for China's strong leader to quit. 

This was a rare rebuke as officials in at least eight cities attempted to repress demonstrations Sunday that constituted a direct threat to the ruling Communist Party.

Discontent with President Xi Jinping's famous zero-COVID policy nearly three years into the pandemic has sparked a surge of public disobedience on the mainland that has not been seen since President Hu Jintao took office a decade ago. 

The world's second-largest economy is feeling the effects of the COVID-19 regulations as well. The protests which began Friday and have extended to cities including the capital, Beijing, and dozens of university campuses are the broadest expression of dissent against the ruling party in decades.

Shanghai protesters calling for Xi's resignation and an end to one-party rule were dispersed by pepper spray from police, but they returned hours later. 
A reporter witnessed protestors who had been arrested being taken away in a bus as police once again dispersed the demonstration.

What Does China Have to Do with the Crypto Drop?

China, as the world's second-largest economy, has a significant impact on global financial markets; as a result, investors are looking for a safe haven to park their investments. 

Stocks and cryptos are not considered safe havens, which is why we are seeing bearish price action today. 

However, as China's situation improves and the end of the protest, we may see a sharp bullish reversal in Bitcoin and other currencies.

 Let's look at Bitcoin price prediction. 

Bitcoin Price 

The current Bitcoin price is $16,174 and the 24-hour trading volume is $25 billion. During the last 24 hours, the BTC/USD pair has dropped nearly 2.5%, while CoinMarketCap currently ranks first with a live market cap of $310 billion, down from $318 billion yesterday. It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,218,643 BTC coins.

Bitcoin Price & Tokenomics - Source: coinmarketcap

The BTC/USD is trading bearish on Monday after being rejected below the $16,600 resistance level, which was extended by a downward trendline. Bitcoin has formed a descending triangle pattern in the 4-hour timeframe, which typically drives a selling trend.

Bitcoin is currently trading at $16,150 and is heading lower toward an immediate support level of $16,000.  According to this, Bitcoin's next support level is at $15,650, which is extended by a double bottom support level.

Bitcoin Price Chart - Source: Tradingview

Leading technical indicators, such as the RSI and MACD, are in a sell zone, indicating that there is significant selling pressure. The 50-day moving average is extending resistance at $16,450, indicating that the downtrend is likely to continue.

If buyers enter the market, a bullish breakout of the $16,450 level could send Bitcoin to $17,000 in just a few days.

Ethereum Price 

The current price of Ethereum is $1,170, with a 24-hour trading volume of $5 billion. In the last 24 hours, Ethereum has lost nearly 4%. CoinMarketCap currently ranks #2, with a live market cap of $143 billion. It has a circulating supply of 122,373,866 ETH coins.

Ethereum Price & Tokenomics - Source: coinmarketcap

In the 4-hour timeframe, Ethereum has formed "three black crows," indicating a strong selling trend. The ETH/USD has broken through an upward channel that had been supporting the pair at $1,210 and is now acting as resistance.

At $1,175, Ethereum has crossed below the 50-day moving average line, signaling a strong sell signal. On the downside, Ethereum's immediate support is at $1,150, which was extended by a previously placed low on November 23.

The RSI and MACD indicators are also in a sell zone, suggesting that ETH may target the $1,115 support level.

Ethereum Price Chart - Source: Tradingview

On the upside, the major resistance level for ETH remains $1,185, and a break above this could take it to the $1,235 level. 

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Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker - Source: Cryptonews