Is Bitcoin Forming the Bottom?

Bitcoin was sinking lower to start the week on Monday as analysts scrambled to determine if the apex cryptocurrency was forming a bottom or preparing for a greater surge. Generally, analysts agree that Bitcoin is in the process of what is known as “forming a bottom” after it rejected $44,600. Most experts feel that Bitcoin can hold in a range somewhere between $36,000 and $40,000. These very same analysts also believe that Bitcoin can rebound 20 to 30% in the next few weeks, noting that “carving out a bottom” is a process that takes more time than most investors would like. Further analysis indicates that Bitcoin could be leaning bearish with a simple moving average of $52,000 and a 21-week exponential moving average of $49,100. Moreover, the bull market support band sits somewhere between $49,000 and $52,000, which would be neutral at best. At press time, Bitcoin was down a little over 2%, sitting just under $42,000 on increasing volume but a minor drop in its market cap.