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.
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.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
