Analysts are sure that the Bitcoin spike that occurred during the two-hours’ break on Wednesday while BitMEX took its downtime was set up deliberately. During this period, traders were unable to make short deals on BTC. Therefore, the bearish dominance temporarily lifted.
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The opened short contracts were dismissed for the maintenance period. However, experts believe that this was not the real reason for the BTC rally.
They reckon that big-scale players simply manipulated the BTC market, making the price rise, and just took advantage of the BitMEX downtime to make this inorganic movement seem natural.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team