Bitcoin price BTCUSD

BTCUSD: Another Exchange Closes, But Bitcoin Prices May Continue the Surge

Livecoin, a Russian-based cryptocurrency exchange, which suffered an exchange hack in December 2020. The company has announced that it is ending all operations. According to a statement released through an alternate domain, the company said it could not continue to operate “in these conditions” and was throwing in the towel.

The exchange hack caused a technical issue with pricing on the exchange, causing the prices of several cryptos to go through the roof. Bitcoin prices were trading as high as $35,000 at the time, while Ethereum was trading up to 25 times its normal value. 

Speaking of Bitcoin prices, an interesting setup has now emerged on the daily chart, which could dictate further price action.

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Technical Outlook for BTCUSD

The price pattern on the BTCUSD daily chart is that of a large bullish pennant. The expectation is for the price to break out of the upper pennant border. If this occurs, the price projection point could be at the 45972.96 price level. This move would need to take out the 37781.92, 38988.48 and 40721.85 price levels along the way.

On the flip side, a breakdown of the pennant opens the door towards 32224.93, with 30491.55 and 29284.99 serving as additional targets to the south. 

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BTCUSD Daily Chart

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