Bithumb Temporarily Halts Songbird Deposits and Withdrawals for Network Upgrade

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2 days ago

IMX+5%

FLR+2.5900002%

Explore Agentic TradingLet AI Trade for You

Suspension Timing: Bithumb has announced a halt on deposits and withdrawals for Songbird (SGB) tokens starting at 8:00 a.m. UTC on July 7, 2025, to facilitate an upcoming network upgrade aimed at ensuring stability and security.
User Transaction Advisory: During the suspension, users will be unable to deposit or withdraw SGB tokens, and Bithumb advises users to complete any pending transactions before the cutoff time to avoid delays or complications, thereby safeguarding their assets.
Network Upgrade Context: Songbird serves as a canary network for the Flare blockchain, designed to test and validate new features; network upgrades are standard practice intended to enhance performance and security, ultimately improving user experience.
Impact on Traders: While Bithumb has suspended SGB deposits and withdrawals, trading may still occur on other exchanges, necessitating users to plan ahead to address liquidity issues during the maintenance window and ensure smooth transactions.

Get Real-Time Alerts for Any Crypto Movement

Monitor assets like IMX with instant alerts on price breakouts and whale movements. Don't let a 24/7 market leave you behind.

Technical Analysis for IMX

Technical Sentiment Analysis for Immutable (IMX). As of , Immutable (IMX) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 3 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for IMX stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, IMX is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Immutable (IMX) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.0881	0.0999	0.112	0.123	0.135	0.147	0.159
Fibonacci	0.0999	0.109	0.114	0.123	0.132	0.138	0.147

About IMX

Immutable positions itself as the first layer-two scaling solution for NFTs on Ethereum. According to Immutable, its blockchain does away with Ethereum’s limitations like low scalability, a poor user experience, illiquidity, and a slow developer experience. Instead, users benefit from instant trading and massive scalability while enjoying zero gas fees for minting and trading NFTs without compromising user or asset security.Thanks to this technology, users will be able to create and distribute assets like ERC-20 and ERC-721 tokens on a massive scale. Chris Clay, the game Director of Gods Unchained, a project already building on Immutable, stated that Immutable allows Gods Unchained to implement a new meta-system that was previously impossible. In this fashion, Immutable aims to create a world-class experience for users and developers alike.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

Let AI Trade for You

Auto Trading Task on IMX?

Get Started Free