Bitcoin price analysis: Triangle breakout lingers - BTC/USD stable above $3,600
|- Top analysts say that Bitcoin is yet to find a bottom.
- Bankrupt Giga Watt Bitcoin mining coming shuts its doors.
The crypto market volatility is at its full swing in the third week of the year. Bitcoin has not only tested the area above $4,000, but the asset has also tested the waters below $3,500. Some top analysts say that Bitcoin is yet to find a bottom and that investors should expect more losses before a reversal occurs.
Following the rejection at $4,000, Bitcoin bears took over the control in the market, a move that sent BTC/USD spiraling below $3,500. A bounce occurred taking the price a notch closer to $3,700, however, lack of a catalyst to support the momentum resulted in further declines that found support yesterday at $3,560.
In the interim, Bitcoin is exchanging hands at $3,619. A forming contracting triangle pattern is approaching a breakout. This could be the boost that Bitcoin price requires in order to sustain the trajectory towards the psychological $4,000. Besides, the asset is holding position above the Simple Moving Average (SMA) which is offering support in the 1-hour time range currently at $3,611.15 and the 50-day SMA at $3,597.85. Apart from the moving average support, BTC/USD will find more anchorage at $3,580, $3,560 and the recent low at $3,480.
In other news, a bankrupt U.S-based Bitcoin mining firm has been forced to close its doors. Giga Watt communicated via email to its customers stating that “At present, both access and power to the facilities in which Giga Watt operates have been closed to the company.”
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