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Bitcoin: A mysterious Asian buyer responsible for rising prices?

After several months of flat calm on the cryptographic market, the Bitcoin price has increased by more than 20% in 48 hours and exceeded $ 5,000 . According to some analysts, the rise in priceswould have been triggered by a mysterious Asian buyer .

Yesterday, early in the morning, the price of Bitcoin jumped to $ 4800 in just 1 hour and then stabilized around $ 4700 during the day, to finally go up last night and exceed $ 5000around 4:30 tonight, a price he had not reached since last November. In addition, this is its biggest gain since April 2018.

Source: CoinMarketCap.com

The recent price rally in the cryptocurrency market would have started following an important order of bitcoins placed by an Asian buyer on several crypto-exchanges.

“Today’s gain was probably caused by an order of about $ 100 million spread over the US coinbase and Krakencrypto-exchanges and the Luxembourg Bitstamp platform . There was a single order of approximately 20,000 BTCsmanaged by algorithm on these three sites. If you look at the volumes on each of these three interchanges – there were synchronized, synchronized volume units of about 7,000 BTC in an hour. “Said Oliver von Landsberg-Sadie , CEO of BCB Group, in a interview with Reuters.

With the $ 4200 key support crossing , the trading robots put in place by retail investors would simply have followed and driven the price of Bitcoin up.

“Non-standard price movements that are rarely seen in conventional markets are common in the cryptocurrency markets, where liquidity is low and prices are opaque. The large orders tend to generate purchases in algorithmic traders .  Explained Charlie Hayter , founder of CryptoCompare .

For Jon Pearlstone , publisher of the CryptoPatterns newsletter , returning over $ 5,000 in the short term should test the next and highest level of resistance of $ 6,000 .

“For the first time in months, the key level of $ 6,000 has returned in the game. The price response to a retest of the $ 6,000 level (if we succeed) will have major implications for the future to come. medium and long term of Bitcoin, ” he said .

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Shivam Singh
Founder of the TechGrits, has always looked at technology as a piece of knots. From an early age connected to the technological world, this is literally your dream job.