Paradex Exchange Faces Bitcoin Price Glitch, Trading Paused for 8 Hours
- Data Error Causes Price Crash: Paradex experienced a significant issue when incorrect data entry during a database migration caused Bitcoin's price to drop to zero, triggering mass liquidations and highlighting the unique risks of decentralized exchanges.
- System Rollback Restores Trading: To address the issue, Paradex rolled back the system to its pre-migration state, removing the erroneous data; however, the complex recovery process led to an approximately eight-hour trading halt, impacting active traders and liquidity providers.
- User Funds Safety Assurance: After resuming operations, Paradex assured users that all funds were safe, although it could not provide a confirmed timeline for full resolution, indicating a focus on maintaining user confidence.
- Market Reaction and Token Volatility: The incident resulted in a 3% to 6% drop in Starknet's STRK token, reflecting broader market concerns regarding the stability of related applications, further compounding the challenges faced by Paradex.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 4 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC 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, BTC 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 $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 67231.399 | 69871.944 | 72918.909 | 75559.454 | 78606.419 | 81246.964 | 84293.929 |
| Fibonacci | 69871.944 | 72044.573 | 73386.826 | 75559.454 | 77732.083 | 79074.336 | 81246.964 |
About BTC
About the author
