Cumberland Receives Orders For 1000 BTC Before Bitcoin Surge
Cumberland, an over-the-counter platform for crypto assets trading, has received several large orders for bitcoin purchase. This happened on the eve of a sudden increase in the price of the first cryptocurrency.
As reported on Cumberland’s Twitter, the platform has analyzed the bitcoin price movement, which was observed on April 1, when the cryptocurrency was traded at $4150. The exchange received several requests for large lots of bitcoins exceeding 1000 BTC within one hour and fulfilled these orders.
Already on April 2, the price of the first cryptocurrency rose to $4840, and in a few days, it overcame the $5200 mark.
Also, analysts at Cumberland have suggested that the next point of bitcoin resistance will be $5500–$5800. In the past, it was upon reaching this level that BTC started a sudden movement either down or up to its record $20,000, according to the observations of the researchers.
Recently Tone Vays, an analyst of the crypto market, has stated that the growth of bitcoin can be explained by speculation. While BTC was traded at $4200, he repeatedly predicted that the price of the first cryptocurrency would necessarily reach $5000, a significant psychological mark. According to Vays, more and more investors are falling for the hype in the media, and news about bitcoin serves as a trigger for its cost jumps.
Earlier, the number of active bitcoin wallets has rapidly increased, which could also affect the price of the cryptocurrency.
It is noteworthy that on the over-the-counter platforms, there has recently been a high demand for the Tether stablecoin among Chinese traders. At the same time, they were willing to pay for USDT more than the market price since the OTC platforms remain almost the only opportunity for investors to purchase cryptocurrencies, which are prohibited in China.