Bitcoin (BTC) wiped out its overnight profits on September 30th when a sudden crash on the major exchange, Bitfinex, caused a mass outage.
Bitfinex is investigating mysterious shutdown
Data from Cointelegraph Markets Pro and TradingView shows BTC / USD lost $ 43,000 on the news after hitting a local high of over $ 43,800 on Bitstamp.
With the cause of the problem unknown at the time of writing, traders were groping in the dark as the already sensitive crypto market fell back towards it.
“We are investigating problems with the platform and had to stop trading,” wrote Bitfinex as part of its latest service update.
We are investigating issues with the platform and had to stop trading. We’ll all update here and our status page https://t.co/u3pYCVVGQq as soon as we know more.
We apologize for this inconvenience.
– Bitfinex (@bitfinex) September 30, 2021
On Tuesday, the Binance cryptocurrency exchange, the world’s largest by volume, suspended trading for two hours as part of the scheduled maintenance work, which did not significantly affect the action.
However, since Thursday is already set as the loaded day, Bitcoin is expected to end in September almost exactly at its predicted “worst-case” price of USD 43,000.
The largest cryptocurrency once again confirms the predictions of the creator of the stock-to-flow model PlanB, who also correctly estimated the August closing price at $ 47,000.
Meanwhile a trader and analyst at Rekt Capital repeat the need for BTC / USD to regain its 21-week exponential moving average (EMA) late Sunday to maintain overall upward momentum.
Market mimicking $ 10,000 BTC as of September 2020
Meanwhile, the overall character of the Bitcoin market is still far from bearish for most people.
Related: Bitcoin Breaking New Q4 High Turns “Temporarily To Dust” Analyst
Despite the lackluster price movement, the odds are still of a significant return in the coming weeks and months compared to the same period in 2020.
The latest is from Cole Garner, who noted that the high volume of buyers backing just under $ 40,000 is reminiscent of the order book configuration when BTC / USD was at $ 10,000 last September.
– Cole Garner (@ColeGarnerXBT) September 29, 2021
This week, the long-standing expert Bobby Lee also saw forecast not only 100,000 US dollars, but 200,000 US dollars or more for Bitcoin in a new “FOMO rally” in the medium term.