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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Will Bitcoin (BTC) Prices “Switch Off” with Binance?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin price under pressure
  • Liquidity to take a hit as Binance undergoes maintenance
  • Transactional volumes dropping, average at 7k—data streams from BitFinex

Beginning 2 AM UTC, Binance will be under maintenance for eight hours. During that time, Bitcoin (BTC) may come under renewed liquidation that could see it drop towards $3,800.

Bitcoin Price Analysis

Fundamentals

Binance is the world’s largest exchange by adjusted volumes, and, therefore, a leading source of liquidity for crypto assets including BTC. Tomorrow, the exchange plans for a scheduled maintenance that from 2 AM UTC for eight hours.

#Binance System Upgrade Noticehttps://t.co/3IFDqDzTVm pic.twitter.com/u2TBaYeVh7

— Binance (@binance) March 11, 2019

While such support is a non-issue in traditional exchanges, it is the 24/7 operation of crypto that forces this choice. If anything, this is a hard choice, a balancing act, which Binance must make to ensure high reliability while simultaneously safeguarding user funds from malicious agents always searching for vulnerabilities.

In that case, we expect a dip in volumes right in the middle of a working day in Japan and South Korea. Japanese and South Koreans are ardent crypto fans, and most trading volumes originate from these locations.

Perhaps the aura of caution is a reminder of the Q4 2018 pains. A few days before the contentious Bitcoin Cash hard fork, Binance was taken offline for eight hours in another scheduled maintenance.

Candlestick Arrangement

Bitcoin

As of this writing, Bitcoin (BTC) is stable and up 1.2 percent from last week’s close. Although traders and investors are cautious, our bullish stance is valid. To that end, every low should be another level of readjustment, a loading zone with modest target at $4,500—Dec 2018 highs.

However, considering headwinds of the last few days, bears of Feb 24 may flow back triggering liquidation. That will be the case if candlestick arrangement is our guide. If we paste a Fibonacci retracement tool at Feb 24 high low, then it is clear that bears are flowing in at the 50 percent Fibonacci level, a key reaction point.

Bitcoin (BTC) buyers need to support prices to prevent liquidation towards Mar 5 lows of $3,800. Otherwise, by today’s close we shall have a three-bar bear reversal pattern. If confirmed, a drop towards $3,800 will be highly likely.

Technical Indicators

Feb 24 wide-ranging, high volume bar defines our price action. Like we have mentioned above, we need a complete reversal of Feb 24 losses. Accompanying that thrust above $4,500 or Feb 24 highs should be high transactional volumes exceeding recent averages of 7k and 36k of Feb 24.

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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