Bitcoin Races Almost 5% in One Hour to Its Highest Level Since September 2019

Siamak Masnavi

According to data by CryptoCompare, on Tuesday (September 11), Bitcoin bounced back from below $10K by surging almost $500 (or 5%) in one hour from $9,871 to $10,347, its highest level since 14 September 2019:

BTC-USD 24 Hour Chart on 11 Feb 2020.png

Freelance crypto analyst/journalist Joseph Young seems to believe that today's 5% surge could have been caused by the ongoing upgrade at Bitfinex:

Bitfinex sent out this tweet at 16:16 UTC today:

Here is what one popular crypto analyst had to say about the Bitfinex maintenance (which began around 10:00 UTC today):

Around 17:00 UTC, Bitfinex reported that the upgrade had been completed and that their system was back online:

And one hour later, the Bitfinex CTO explained the reasons for today's infrastructure upgrade:

Popular crypto analyst/trader Josh Rager, who is also a Co-Founder of online crypto learning platform Blockroots, as well as an advisor to several blockchain startups, offered this bit of technical analysis of Bitcoin's most recent price action: 

 

Featured Image by "mibro" via Pixabay.com