Bitget Restores BTC Withdrawals Amid Ongoing Price Volatility
Bitget has reopened Bitcoin withdrawals after a brief halt, but not before transferring a substantial portion of its protection fund into hot wallets. According to blockchain.news, at 16:00 on September 28, Bitget routed 2042.28 BTC worth approximately $169 million from its 5500 BTC protection fund into hot wallets.
This move has significant implications for the exchange's balance sheet and potential exposure to market fluctuations. The remaining 3457.72 BTC in the protection fund remains on-chain, underscoring the importance of risk management strategies in crypto trading.
The current price of Bitcoin sits at $82,955.34 on the 4-hour chart, with support at the lower Bollinger Band and resistance from the EMA50. The MACD death cross and RSI indicate bearish momentum, suggesting any relief bounce may stall near upper resistance before retesting the 50-EMA floor.