Categories: Market

Bitcoin holds $ 43,000 in support as Bitfinex goes down

Bitcoin is struggling a little due to a sudden failure of the major exchange Bitfinex.

Bitfinex is investigating mysterious incident

Data from TradingView shows that BTC / USD lost $ 43,000 shortly after the news but has rebounded to 43,222 at press time.

So far, the root of the problem remains unknown as traders become confused in the midst of an ocean of cryptocurrencies that are prone to fluctuations in even the smallest house waves.

“We are investigating the problems and had to suspend trading,” Bitfinex wrote in Update its newest service.

On Tuesday, the Binance cryptocurrency exchange, the world’s largest by volume, suspended trading for two hours as part of a scheduled maintenance that had no significant impact on price developments.

Given what is happening today, however, Bitcoin is expected to be forecast almost exactly at the end of September at the “worst case” price of $ 43,000 that PlanB is predicting. PlanB had previously correctly estimated the August closing price at $ 47,000.

Meanwhile, analyst Rekt Capital has reiterated that Bitcoin needs to regain its 21-week exponential moving average in order to maintain overall upward momentum.

#BTC is about to reclaim the 21-week EMA as support

There are still a few days to Weekly Close for this important recovery

However, BTC is still just below the 21-week EMA$ BTC needs to reclaim this EMA (~ $ 43500) to build bullish momentum#Crypto #Bitcoin pic.twitter.com/WcKxEfYxmE

– Rekt Capital (@rektcapital) September 30, 2021

Similar to $ 10k in September 2020

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

Analyst Cole Garner noted that a large influx of buyers backing just under $ 40,000 is reminiscent of building the order book when BTC was at $ 10,000 last September.