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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.

John Isige FXStreet

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.

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

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