Bitcoin (BTC) ditched profits on September 30 when sudden troubles on the major exchange Bitfinex caused a major crash.
1-hour candlestick chart BTC / USD (Bitstamp). Source: TradingView
Bitfinex Investigates Mysterious Outage
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD lost $ 43,000 after the news release after hitting local highs above $ 43,800 on Bitstamp.
Since the source of the problem was unknown at the time of writing, traders were left in the dark when the already sensitive cryptocurrency market slid towards sustained support.
“We are investigating problems with the platform and we need to suspend trading,” wrote Bitfinex as part of the latest update of the service.
On Tuesday, Binance, the world’s largest exchange, suspended trading for two hours as part of a scheduled maintenance that had little impact on BTC price movements.
Since Thursday was already a busy day, Bitcoin seems to have closed September near the worst expected price of $ 43,000.
Thus, the largest cryptocurrency will again confirm the predictions of PlanB, the manufacturer of streaming models, which also correctly estimated the end of August at $ 47,000.
Meanwhile, trader and analyst at Rekt Capital confirmed the need for BTC / USD to retrace its 21-week exponential moving average (EMA) by the end of Sunday to maintain overall bullish momentum.
Market simulates $ 10,000 worth of bitcoin from September 2020
Meanwhile, the overall rating of the bitcoin market was still far from low for most people.
On the subject: Bitcoin Reaching New Heights in Q4 “Will Temporarily Turn Everything to Dust” – Analyst
Despite the lack of price momentum, there is still room for a sharp return in the coming weeks and months compared to the same period in 2020.
The latter was from Cole Garner, who noted that the large customer support package at just under $ 40,000 resembles the order book charts when BTC / USD was $ 10,000 last September.
Seasoned expert Bobby Lee this week predicted not only $ 100,000 over the medium term, but $ 200,000 or more for Bitcoin at the new FOMO high.