The rally of Bitcoin continues — the bulls support the pump, started the second of April. Recall, then, the cryptocurrency has managed to overcome the important resistance level in the area of $ 5,000. Today it is trading in line 5281 dollar during the last day the price of BTC has grown to 0.28 percent.
Analysts CoinMetrics has published details of its recent investigation, in which he described the most likely cause of the outbreak bullrun. It turns out that the growth of Bitcoin prices was triggered by the activity of just one trader with a large Deposit.
How whales affect the market
Long green candle on the chart cryptocurrency, it seems, was a sign of the final completion of a long downward trend of Bitcoin. Some analysts have called PAMP in the beginning of this month “the last nail in the coffin of bears.”
The man of the hour used a special window in the auction to provide maximum market impact.
“Our theory is that one trader has opened long and used market conditions to provide maximum impact on the other bidders. The price action began at 4:30 am UTC. Usually in this period there is low volatility.”
Why at half past four in the morning? Historically, at that time performed the least number of transactions, therefore, traders with massive Deposit can move the price of the asset.
And although this is impossible to prove exactly such deals are usually created to trigger stop losses and a massive liquidation of short positions.
PAMP second of April took almost an hour and ended at 5:30 UTC. In addition to their judgment of the experts has published several charts showing the dynamics of the market for the above time periods. To start the upward motion was used Bitcoin exchanges Coinbase, Kraken, and Bitstamp.