Bitcoin Forum

I saw an announcement made some time ago that Bitfinex was going to have a maintenance mode today, so did it apparently served as a reason for BTC to make a jump above $10k once again? According to their tweet (https://mobile.twitter.com/bitfinex/status/1227276861899771904) 3 hours ago, their maintenance was successfully finished. Shall we conclude that it was a mild pump that's over now or was it a sign of the bullish revert once again?

Oooooo wow so it did...

Did the times coincide? I didn't think bitfinex has much of an effect on the market but maybe it did... Normally a move like that coincides with the first 5 minutes of a maintenance mode.


A lot of TA guys were suggesting we'd stay level around this point until the 21 emancaught up (I think weekly they meant).

No, the times didn't coincide I guess but the thing is, their announcement was enough for such manipulation to take place as always witnessed before that whenever they threw some maintenance, we were always having an impact of higher volatility in markets.

nope. zoom in to the hourly chart. bitfinex came back online 2+ hours before that big green candle through $10k. the market usually stays pretty sideways when major exchanges are doing maintenance.


what manipulation do you think took place, exactly?

It went up ~5% in a matter of minutes, what would you call it if not manipulation? I didn't say that Bitfinex managed to manipulate the markets but it was a good short term shake for the short-ers to get a shock with a candle almost red during the beginning of the day but suddenly stroked up in no time.

There must be a connection with that said maintenance, I remember Bitmex did the same thing before and the market pumped as well. I don't have proof of what they do but there must be sort of interconnection with the said maintenance.

But whatever it is, if it has recovered back to $10,000 quickly this must be a sign of stronger bullish sentiment.

I know there have been pumps that coincide within 5 minutes of coinbase going down in the padt.

But I don't know how much I'd trust that and how much people are after the excuse to keep a position more stable on bitmex. I'm not even sure it's worth it...

It could have gone either way (I mean I've also seen this to be turning red sometimes so it's not something I'd call as fixed upside move) but the fact is, you can try with a leverage of around 5-10x max and go for either one side you believe, that will show up, or just make 2 accounts and hedge your position to make small profits once the direction of the market is confirmed.

Birfknex is a long running and recognizes exchange but their volumes are no doubt inflated. But if anything, with Bitfinex creating Tether' like crazy, they are rather inflating BTC prices other than keeping it down.

Lmao what?

Bitfinex maintenance had nothing to do with the prices shooting up. It's just a coincidence that these two events did coincide.

Trying to match each pump to a particular reason is not only unproductive but could be harmful/misleading to your analysis if the two events have obviously no correlation. This pump is merely a bullish indicator of the sentiment, as $10k is a sort of psychological barrier that needs to be breached and made support if BTC were to make a major bullish move.

Bitcoin has an 24 high of 10300-ish in Binance, this is a good sign, another high for this year again and that tells the correction we saw was really short and bitcoin is only an uptrend again. We should prepare for the next landing, $11,000 soon will be witness again.

"normal price movement"? :)

when price moves quickly like that, it usually just indicates high open interest. lots of traders were obviously shorting near $10k. they all got squeezed at once.

I dont see any correlation between the maintenance and the pump of the value of Bitcoin, I don't think it is related. But, what I could feel is that, the sudden increase in the price of Bitcoin is just the cycle after its rapid dump in the earlier days, it just have restored its highest price this february. We could say, that it is not because of other factors but only because of the bullish effect due to the upcoming halving event.

I do not also think that the maintenance of Bitfinex earlier is the reason why the price. I only rely on price actions and not in news or updates, if you will observe the daily chart of bitcoin; the previous two candles have a long wicks which means that there is a price rejection below where the buyers overwhelm the sellers. Right now the bid volume have more volume than the asks volume and we can see that the price of bitcoin continuing to increase.

I don't think this is perfect reason for current bump. Today we encounter above $10.4K btc price and again coming down from that zone. Most likely it would reset previous bottom ($9.7K). I am assuming that's not real bull, whales playing around to bump it. But bitcoin refusing to pump due to lack of enough buyers (IMO). Alone a exchange couldn't bump bitcoin price like that. So I believe it's just part of whales game. But if btc success to stay above $10K then it would a positive sign for next small bull, need to cross previous small bull ($14K) in order to make real bull once again.

The pump of ~5% is still there, meaning that it was not due to the maintenance. If it is due then we have seen the price going down sub five digits again. But it had maintained it that way, I'm not saying that we are in a bull run, but the maintenance has nothing to do with the sudden jump.

And we can't conclude that it is manipulation either, I mean the ecosystem is growing so a simple manipulation can be spotted easily by lots of eyes here. I think this is just normal buying/scraping of Bitcoin when the price went $9700.

People calling manipulation are funny. They can't back up anything of what they claim, yet they are 1000% sure that it's manipulation. How contradicting can one be? ::)

Also, most of the manipulation callers are silent right now because of how the price is going up instead of down. They'll get back to business when we see the price go down for a couple of weeks. Those damn whales, they always want to buy lower.  :D

So if all that exchange made a sudden maintenance will we get 1 million USD per bitcoin?
We should try to make a petition for it to happen?
It might be profitable.  ;D

I don't think so. Just a pause of one exchange will not affect it that much.
Yeah, we can say it is a big exchange which is also known but how can we explain it?
Everything is frozen so why move?

I don't seen any reason for Bitcoin to increase just only because the maintenance occur in Bitfinex. Not gonna lie, Bitfinex was one of the largest exchange but this will not have direct impact in Bitcoin's price. I believe that this is because of nearby halving, few people tend to dump their coins thinking that we've already been in bullish trend.

I think they were referring to the 21 daily ema because the weekly 21 ema is quite a bit lower.

Either way, it would make sense for the markets to consolidate for a while so that the ma's catch up on the price a bit more, but in an environment this bullish consolidation isn't what you should wait for.

People waiting for dips aren't getting anywhere because the little dips are bought up so quick that all the moon boys can't do anything but see the price trend even higher. They need to buy and sit on their coins and not wait.

Even if there was a temporal relationship between these two events, I highly doubt bitcoin's rise was due to what a single exchange was doing.  We're not back in the Mt. Gox days anymore.

Let's face it, bitcoin was feeling some bullishness even before it broke through $10k this time, and it would have been a pretty easy prediction to say that it was headed there.  It was hovering in the $9800 range for a couple of days if any of you recall.  As to the real reason?  I say "who cares" and also it's not something that can be pinpointed to any one event.  There hasn't been any major news, rumor, or anything else that would account for its rise.  I think bitcoin had been beaten down enough over the past two years that investors are starting to muster the courage to get back into the market. 

Lots of buying=price increase, and to me it's as simple as that.

Yeah I'm looking for leveraged long opportunities so I wait on it, still holding the majority of my funds in different places in crypto.

My strategy on leveraging is to generally wait for a breakout, place a trade in that direction and eyeball it for a couple of hours to readjust stop losses appropriately. I get a notification of a breakout too as it happens so it seems to work.

@tp and figment: yeah but I wouldn't see it impossible for a $500 gain to be from an exchange being down. Like I mentioned before in a way there might be a possibility the bitmex average could be manipulated in favour of a certain trader. And, after reflection, what if someone saw the market was in maintenance, saw not much had happened for two hours (a decisive break) and thought they'd try to move some of the markets a bit in the time window they had... (I don't think it's completely unreasonable to use downtime as an excuse if you can see you can make a profit due to it).

I also saw this news and I was wondering about the same thing, so I stopped doing trade and I will wait a few days to see how the market will behave and then I will decide whether to continue doing trade or not, As in this crypto world whenever the price drops a lot, many people make scary price forecasts, and when the price rises a lot, many people make optimistic and exaggerated price forecasts, observing and analyzing on their own has become the only reliable option

Im not bullish about the idea of one exchange being offline then altering price so much.   I thought we were more distributed then that but that would appear to make us look alot more flaky.  I know Bitfinex is supposed to be alot larger then others but I hope not to this extent.
    Likely this is not correct as we'd reverse afterwards but it might have contributed.   At present I just see us in a channel (https://i.imgur.com/tqeYSU9.png), we reversed from near to the bottom of that channel and if true many traders were already watching this area and it added up into a significant move.    Now we are closer to the top of the range within a channel, put the bearish glasses on to spot when it might occur and it can drift for days so its more of a Smokey (https://i.imgur.com/ZoT34mR.jpg) the bear watch then a must occur event.

we're not in the mt gox days, but there's still a handful of exchanges (bitstamp, coinbase, bitfinex, kraken, probably binance and huobi) that have a huge influence on price.

i do think there are cases where whales try to pump/dump the market when other big exchanges are down. whales on the downed exchanges can't fight the move, so there is some rationality to it. it's a risky move nonetheless.

in general, i assume market moves are organic. it doesn't serve any purpose to speculate about manipulation.

Maybe it is just the nature of market price volatility of cryptos which is the reason behind this downtrend at this moment. The market price could go lower if this would be continuous. Something that we should take advantage for.
Forecasts and assumptions are just mere opinions and has nothing to do with the actual market behavior. The best thing to do is to wait for changes to occur preferrably an increase or stability at a point in order to help investors make a decision whether to invest now or wait for a little more.
I cannot even see the relationship between the maintenance and the price of Bitcoin. If there are any, could someone explain? All I know is that, Bitfinex is n exchanger and given that Bitcoin is listed to almost all exchanges, I cannot see how it will be affected by the maintenance of the exchanger.

I think this article would answer you - https://www.newsbtc.com/2020/02/11/bitcoin-price-just-surged-4-in-minutes-really-because-of-bitfinex-maintenance/

Important points from the article above.

Last night’s daily candle closed as a bearish engulfing candle, which typically signals that extreme bearish price action will soon follow.

However, the candle close may have been a fake-out move designed to trick traders into taking a short position, only for those shorts to be squeezed during today’s Bitfinex maintenance.

The idea is that traders expecting further downside would have opened short positions – positions they are currently unable to close with the platform being down for scheduled maintenance.

Soon after Bitfinex went down, Bitcoin price began to rocket upward, easily breaking back above $10,000 all the way to $10,400 before falling back to around $10,250 where it is currently trading.

I still think that bitcoin is a much bigger thing that just one exchange and think that maybe we are overreacting on just a simple maintenance however if that was the case, so be it. I personally was attributing the increase in price due to price has been going up recently anyway.

If price was regular and not moving and we have been at around $7k all the previous months without going above $10k, I would say maybe there was something about this that triggered an increase, yet we have been increasing for the past 1.5 months which is why I have stopped looking for reasons of bitcoin going up, it just does and that is the way it is nowadays, we are simply in a bull run where everyone thinks its cool to buy bitcoin because it will continue to go up which inevitably becomes true because of them.