Bitcoin retains $ 43,000 in support as Bitfinex Exchange suspends trading

Bitcoin (BTC) wiped out recent gains overnight this September 30th, when sudden problems on the main exchange Bitfinex caused a massive disruption.


BTC / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

Bitfinex is investigating the mysterious crash of its platform

Data from Cointelegraph Markets Pro and TradingView showed the BTC / USD pair lost the $ 43,000 level following the news after hitting local highs above $ 43,800 on Bitstamp.

Even without knowing the cause of the problem at the time of this writing, Traders were left in the dark as an already sensitive crypto market pulled back towards established support.

Bitcoin retains $ 43,000 in support as Bitfinex Exchange suspends trading
Bitcoin retains $ 43,000 in support as Bitfinex Exchange suspends trading

“We are investigating problems with the platform and have to temporarily stop trading”, wrote Bitfinex as part of their latest service update.

On Tuesday, Binance, the world’s largest exchange by volume, also suspended trading for two hours as part of the scheduled maintenance work, which did not have a material impact on BTC’s price action.

However, since Thursday would already be a busy day, Bitcoin seemed to close September almost exactly at the predicted worst case price of $ 43,000.

The largest cryptocurrency would once again confirm the predictions of the creator of the stock-to-flow model PlanB, who also correctly estimated the August closing price at $ 47,000.

The trader and analyst now has Rekt Capital repeated the need for BTC / USD to regain its 21-week exponential moving average (EMA) levels by the end of Sunday Maintain bullish momentum overall.

BTC market mimicking September 2020

Meanwhile, the overall character of the Bitcoin market was far from bearish for most.

Despite mediocre price action, The likelihood of a dramatic return remains in the coming weeks and months compared to the same period in 2020.

The last one was from Cole Garner who noticed Buyer interest just under $ 40,000 It reminded him of the order book performance when BTC / USD was priced at $ 10,000 last September.

This week, analyst Bobby Lee predicted not just $ 100,000 but up to $ 200,000 or more for Bitcoin in the medium term. in a new “FOMO rally”.

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