Bitcoin price suddenly drops 11% as whales move BTC to exchanges

Bitcoin (BTC) fell $ 1,000 in minutes on November 26 as a long-awaited pullback hit the market near $ 19,500.

BTC price hits a low of $ 17,250

Data from Cointelegraph Markets and TradingView showed that BTC / USD experienced major volatility overnight Wednesday.

After nearly hitting $ 19,500 during the trading day, the afternoon saw a period of bearish indecision that ended in a sell off. Bitcoin then rebounded to $ 17,250, capping daily losses by around 5%.

Many analysts had previously warned that recent gains were due to a pullback, including CNBC host Brian Kelly and the trader. Your Vays, which on Thursday forecast a drop to $ 14,000.

Meanwhile, several measures also hinted at an impending correction. Among them is the popular Crypto Fear and Greed Index, which has remained at record highs throughout November.

The pressure to sell on the stock market is mounting

The sudden drop in prices came in tandem with high-volume investors who deposited BTC on exchanges – likely with the aim of making profits close to Bitcoin’s $ 20,000 highs.

“The average entry for all trades increased a few hours ago. This indicates that the whales, relatively speaking, have deposited $ BTC in the exchanges ”, Ki Young Ju, creator of the on-chain analysis resource CryptoQuant, summarized to Twitter followers.

“But long-term indicators on the chain indicate that buying pressure is prevailing. I still think we can break 20 km in a few days.

Bitcoin’s fundamental indicators support the bullish theory going forward, with mining difficulty set to rise 7.3% in three days and the hash rate continuing to rise.

At time of going to press, BTC / USD has circled $ 17,900 after a slight rally from local lows.