In a few hours the price of Bitcoin has decreased by more than 2.000$: the long-awaited pullback has finally arrived
Today the price of BitQT has dropped by over $2,000 in a few hours: the long-awaited pullback has finally arrived.
The price of Bitcoin drops to $16,500.
The Cointelegraph Markets and TradingView data show that the BTC/USD pair registered a strong volatility tonight. After reaching a peak of $19,500, a strong pullback caused the price to slide to the current $17,000: a daily contraction of almost 13%.
Many analysts had warned traders about the high probability of a pullback, including CNBC presenter Brian Kelly and Tone Vays, who predicted a contraction of up to $14,000.
Several parameters 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 the month of November.
Crypto Fear and Greed Index
Selling pressure on increasing exchanges
The sudden drop in prices occurred in tandem with the deposit of large amounts of BTC on the exchange by the whales, who finally decided to confirm their profits close to an all-time high of $20,000.
Ki Young Ju, creator of the CryptoQuant on-chain analysis platform, commented on Twitter:
„A few hours ago, All Exchanges Inflow Mean increased. It indicates that the whales have deposited BTC on the exchanges.
But the long-term on-chain indicators show that pressure will prevail. I still think we will exceed $20,000 in a few days.“
November, flows to the exchanges
Bitcoin’s core indicators support the bullish theory: the hash rate continues to grow, and in three days the mining difficulty will increase by 7.3%.
Annual search record for ‚Bitcoin‘ on Google while BTC touches $19,500
Google Trends data shows that searches for „Bitcoin“ reached an annual high during BTC’s rise to $19,500.
On November 25th, the price of Bitcoin (BTC) continued its climb to a new high of almost $19,500.
Daily overview of crypto markets
Determining the actual historical maximum for BTC is rather difficult, as various exchanges have different figures. For example, Coinbase claims that the Bitcoin peak is $19,892, while BitMEX and Binance show $19,891 and $19,799 respectively. So, for most traders, the $20,000 is probably the primary focal point that will confirm a new ATH.
The breakout beyond the $19,000 level happened faster than many predicted, especially after Bitcoin collapsed to $18,000 on the night of November 24th. This contraction accompanied almost in parallel the 30% crash of XRP on Coinbase, after the significant rise of the altcoin ended at $0.92.