Bitcoin price suddenly drops 11% when whales deposit BTC on exchanges
Bitcoin (BTC) fell $ 1,000 in minutes on November 26th as an expected pullback hit the market near $ 19,500.
The price of BTC hits its low at $ 17,250
Data from Cointelegraph Markets and TradingView showed that the BTC / USD saw a lot of volatility overnight on Wednesday.
After hitting nearly $ 19,500 after hours during the day, There was a period of bearish indecision that ended in a strong sell. Bitcoin then rebounded from $ 17,250, capping daily losses to around 5%..
Many analysts had already warned that recent gains would lead to a retreatincluding CNBC host Brian Kelly and dealers Ton Vays, which on Thursday forecast a drop to $ 14,000.
Meanwhile, Several measurements have also indicated an imminent correction. Among them is the popular index for fear and greedwhich remained at record levels in November.
The pressure to sell on the stock exchanges increases
The sudden drop in prices occurred parallel to the large-volume deposits made by investors on stock exchangespresumably with the aim of generating profits near Bitcoin’s all-time high of $ 20,000.
“The average deposits from all exchanges rose a few hours ago. Indicates that whales have deposited BTC dollars on exchanges in relative terms.”, summarized his Twitter followers Ki Young Ju, Creator of the CryptoQuant on-chain analytics resource.
“However, long-term on-chain indicators say that buying pressure prevails. I still think we can go over $ 20,000 in a few days. “
Bitcoin fundamental indicators support future bullish theoryMining difficulties will increase 7.3% in three days and the hash rate will keep increasing.
At press time, BTC / USD was spinning around $ 17,900 after a modest rally from the local low levels.
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