Today the price of Bitcoin (BTC) is dropped over $ 2,000 in hours: the long-awaited pullback has finally arrived.
Bitcoin price slides to $ 16,500
I used to Cointelegraph Markets e TradingView show that the BTC / USD pair experienced strong volatility this night. After hitting a high of $ 19,500, a strong pullback slid the price down to the current $ 17,000: a daily contraction of almost 13%.
Many analysts had warned traders about the high probability of a pullback: among them also Brian Kelly, CNBC presenter, e Tone Vays, who had forecast a contraction of up to $ 14,000.
Several metrics indicated that we would soon see a pullback: the most popular is certainly the Crypto Fear and Greed Index, which remained at record levels throughout November.
Selling pressure on exchanges is increasing
The sudden drop in prices occurred in tandem with the deposit on exchanges of large amounts of BTC by whales, which have finally decided to confirm their profits close to all-time high of $ 20,000.
Ki Young Ju, creator of the CryptoQuant on-chain analytics platform, commented on Twitter:
“A few hours ago the All Exchanges Inflow Mean increased. It indicates that whales have deposited BTC on exchanges.
But long-term on-chain indicators show that the pressure will prevail. I still think we’ll be over $ 20,000 in a few days. “
Bitcoin fundamental indicators support the bullish theory: hash rate continues to rise, and in three days the mining difficulty will increase by 7.3%.
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