Bitcoin price analysis: BTC/USD finds short-term bottom at $8,360; Bitcoin holders angry about withdrawal delays

Consumer Financial Protection Bureau is flooded with complaints from cryptocurrency traders.
BTC/USD tries to stabilize at hourly 100-SMA.

Tanya Abrosimova Independent Analyst

Cryptocurrency holders submit complaints to the Consumer Financial Protection Bureau (CFPB) more often when the price of their digital assets is falling, ValuePenguin report shows. The number of complaints surged 699% between June 2017 and March 2018. Most of them (over 40%) were related to the withdraw issues as many people wanted to get their cash back as soon as possible to limit losses.

"Higher numbers of complaints rolled in just as prices started crashing, reaching a climax during the week of sharpest descent. Even then, BTC prices didn’t fall anywhere near where they were in the earlier half of 2017, but the data shows an array of negative experiences for consumers struggling to manage their coins when it mattered the most,'' David Ascienzo, the author of the report explains.

Bitcoin price technical picture

BTC/USD has found a short-term floor at $8,360 support created by 100-SMA (hourly interval). The rebound may take the price to the resistance level around $8,680 (100-SMA, hourly) and $8,800 (50-SMA, hourly). The ultimate resistance is produced by $9,000, but it is unlikely to be reached during the day. On the downside, break below $8,360 opens up the way to 61.8% Fibonacci retracement at $8,000 and to March 18 low at $7,318.

BTC/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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