fxs_header_sponsor_anchor

​​​​​​​Bitcoin in action ahead of Bitfinex 7-hour downtime for a system upgrade

  • The Bulls increased their grip sending Bitcoin beyond $12,000 forming a new yearly high around $12,943.
  • Bitfinex exchange will be down for seven hours as the platform undergoes a system upgrade.

Bitcoin has outperformed not just itself but also other major cryptocurrencies. The Bulls increased their grip sending Bitcoin beyond $12,000. The gains extended above $12,900 forming an intraday high at $12,943.16. The entire market has been on an uptrend on Wednesday, although most of the digital assets are still lagging behind Bitcoin.

Looking at the 15-mins chart, BTC/USD is supported at 12,400 aided by the ascending trendline following the retracement from the yearly high. With a 7% increase in value, Bitcoin is exchanging hands at $12,610.

Also read: Cryptocurrency market update: Bitcoin Races to new 2019 highs past $12; Ethereum and Ripple unbothered

All technical levels point towards further upward correction. However, a retracement back to $12,400 support is expected in the short-term. The Relative Strength Index (RSI) has retreated from the overbought but found balance at 56.66 (above average). The MACD is sitting above the mean line suggesting a stronger bullish momentum and grip.

BTC/USD 15-mins chart

In other news, Bitfinex system upgrade is taking place today. Due to the scheduled upgrade, the exchange will have a downtime of seven hours. During this period, customers will not be allowed to access several services including deposits, trading, and withdrawals.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.