Is $ 40,000 Bitcoin the new $ 10,000? BTC Holds $ 43,000 Support As Bitfinex Exchange Halts Trading

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Bitcoin (BTC) wiped out gains overnight on September 30, as sudden problems at the major Bitfinex exchange caused a massive outage.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewBitfinex investigates mystery stop

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

With the source of the problem unknown at the time of writing, traders were left in the dark as an already sensitive crypto market fell back to established support.

We are investigating issues with the platform and need to temporarily stop trading, Bitfinex wrote as part of its latest service update.

We are investigating issues with the platform and need to temporarily stop trading. We’ll keep everyone updated here and on our status page https://t.co/u3pYCVVGQq as we learn more. We apologize for the inconvenience caused.

Bitfinex (@bitfinex) September 30, 2021

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

With Thursday already a busy day, Bitcoin looked set to close September almost exactly at its expected worst-case price of $ 43,000.

In doing so, the largest cryptocurrency would once again validate predictions made by stock-to-flow model creator PlanB, who also correctly estimated the August close at $ 47,000.

Trader and analyst Rekt Capital, meanwhile, reiterated the need for BTC / USD to recover its 21-week exponential moving average (EMA) level by the end of Sunday in order to preserve the overall bullish momentum.

Market mimics $ 10,000 BTC as of September 2020

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

Related: Bitcoin Hitting New Highs In Q4 Will Temporarily Turn Alts To Dust Analyst

Despite lackluster price action, the odds remain for a dramatic return to form in the weeks and months to come, with comparisons to the same period in 2020.

The latest was from Cole Garner, who noted that the big block of buyer support just below $ 40,000 was reminiscent of the backlog setups when BTC / USD was at $ 10,000 in September of last year. .

The last time we saw such thick bids, #Bitcoin was at $ 10,000. pic.twitter.com/nQqleOUI36

Cole Garner (@ColeGarnerXBT) September 29, 2021

This week, longtime expert Bobby Lee also predicted not only $ 100,000 in the medium term, but up to $ 200,000 or more for Bitcoin in a new FOMO rally.

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