Bitcoin (BTC), which lost overnight gains Sept. 30, when Bitfinex suffered sudden problems, caused a massive outage.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Bitfinex investigates mysterious shutdown
Cointelegraph Markets Pro and TradingView data showed that BTC/USD lost $43,000 after the news, hitting local highs of $43,800 on Bitstamp.
The source of the issue was not known at the time of writing. This led to traders being left in the dark, as a sensitive crypto market retreated towards es.
Bitfinex stated in its most recent service update that it was investigating platform issues and had to temporarily stop trading.
We are currently investigating problems with the platform and must temporarily stop trading. We will keep everyone updated on here and our status page https://t.co/u3pYCVVGQq as we know more. We apologize for any inconvenience caused.
— Bitfinex (@bitfinex), September 30, 2021
Tuesday saw Binance, the largest exchange by volume worldwide, suspend trading for 2 hours in order to perform scheduled maintenance. This had no impact on the BTC price action.
Bitcoin was expected to close September at $43,000, despite Thursday being a charged day.
The largest cryptocurrency will thus once more validate the stock-to-flow model creator PlanB’s predictions. PlanB also correctly predicted the August close at $47,000.
Analyst and fellow trader Rekt Capital reiterated that BTC/USD must regain its 21-week exponential moving mean level (EMA) by Sunday to maintain bullish momentum.
From September 2020, market mimics $10,000 BTC
Nevertheless, most people were not convinced that the Bitcoin market would be bearish.
Related: Bitcoin will temporarily turn alts to dust by breaking new heights in Q4
Despite the lackluster price action, there are still chances for a dramatic return of form in the coming weeks, months and years, with comparisons to 2020.
Cole Garner reported the latest, noting that the block of buyers support was just below $40,000 and was similar to the order book setups back when BTC/USD was $10,000 in September 2017.
The last time we saw such thick bids, #Bitcoin was at $11k. pic.twitter.com/nQqleOUI36
Cole Garner (@ColeGarnerXBT September 29, 2021
Long-time pundit Bobby Lee also predicted this week that Bitcoin would reach $200,000 in the near term.
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