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:
Freelance crypto analyst/journalist Joseph Young seems to believe that today’s 5% surge could have been caused by the ongoing upgrade at Bitfinex:
Today's bitcoin upsurge coincided with the Bitfinex maintenance.
Could have been simply a coincidence, I think it was an attempt to place shorts on Bitfinex underwater, which would cause havoc when Bitfinex opens.
— Joseph Young (@iamjosephyoung) February 11, 2020
Bitfinex sent out this tweet at 16:16 UTC today:
Our upgrade is nearing a successful completion and the Bitfinex platform will be returning in view-only mode with the option to cancel previously inserted orders at 04:30 PM UTC, before trading opens at 04:35 PM UTC.
Thank you for your patience.— Bitfinex (@bitfinex) February 11, 2020
Here is what one popular crypto analyst had to say about the Bitfinex maintenance (which began around 10:00 UTC today):
Stale asks on Bitfinex post-maintenance punished, with $4MM+ bought at 3%+ discounts on trading re-start: pic.twitter.com/7XKdrDN6tL
— light (@LightCrypto) February 11, 2020
Around 17:00 UTC, Bitfinex reported that the upgrade had been completed and that their system was back online:
Our upgrade is now complete and trading on Bitfinex is once again live!
— Bitfinex (@bitfinex) February 11, 2020
And one hour later, the Bitfinex CTO explained the reasons for today’s infrastructure upgrade:
Today’s infrastructure upgrade @bitfinex users got:
– cluster of top-tier hardware firewalls and switches
– new high-end servers added to production
– improved connectivity
– better resist wrath of godsThis change allows us to scale, while launching our new wave of products 🦁 https://t.co/3a7BttwK0x
— Paolo Ardoino (@paoloardoino) February 11, 2020
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:
Per previous tweet the area to watch was $10.400$BTC pumped and tapped the top of the value area (high) and also weekly resistance
A close above there, I think price continues to push higher before the next pullbackhttps://t.co/cd9X9qJluV pic.twitter.com/qz2cXn8pX1
— Josh Rager 📈 (@Josh_Rager) February 11, 2020
Featured Image by “mibro” via Pixabay.com
