BTC made a move above $10k today due to this?

[The Sceptical Chymist]

nope. zoom in to the hourly chart. bitfinex came back online 2+ hours before that big green candle through $10k.

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.

[jackg]

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.

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).

[Slow death]

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

[STT]

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, 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 the bear watch then a must occur event.

[figmentofmyass]

nope. zoom in to the hourly chart. bitfinex came back online 2+ hours before that big green candle through $10k.

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.

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.

[Latviand]

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.

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

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 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 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.

[Japinat]

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.

[beerlover]

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.