On 26 November, Bitcoin (BTC) fell to $ 1,000. The long-awaited pullback reached close to $ 19,500 in the market.
BTC price is $ 17,250 lows
Data from Cointelegraph Markets and TradingView caused BTC / USD to experience large volatility overnight on Wednesday.
After hitting around $ 19,500 during the day’s trading, the after hours saw the beginning of a recession that ended in a sharp sell-off. Bitcoin then leapt at $ 17,250, reducing daily losses by about 5%.
Several analysts had already warned that the recent gains were due to a pullback, among them CNBC host Brian Kelly and businessman Tone Jas, who were Forecast Dip to $ 14,000 on Thursday.
Meanwhile, several metrics have also indicated improvement. Popular among them is the Crypto Fear and Greed Index, which remains at record-high levels throughout November.
Exchange sales pressure mounts
There was a sudden price drop with BTC depositing in exchanges by large amounts of investors – with the aim of taking the bitcoin’s near-all-time high of $ 20,000.
“A few hours ago, all exchanges increased in inflow. This shows that whales, relatively speaking, deposit $ BTC on the exchanges. Ki Young Joo, Creator of on-chain analytics resource cryptocurrency, summarizes Twitter followers.
“But long-term chain-indicators say that the buying pressure remains. I still think we can break 20k in a few days. “
The fundamental indicators of bitcoin support a rapid theory to move forward with mining difficulty for a 7.3% increase in three days time and the hash rate is steadily increasing.
In press time, BTC / USD circled $ 17,900 after a slight recovery from local lows.