20 Dez

Whale move their Bitcoins on the exchanges, price drops

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 Bitcoin (BTC) fell by over $2,000 in a few hours: the long-awaited pullback has finally arrived.

The price of Bitcoin slides to $16,500

Cointelegraph Markets and TradingView data show that the BTC/USD pair was highly volatile tonight. After peaking at $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 November.

Selling pressure on the exchanges on the rise

The sudden drop in prices came in tandem with the deposit of large amounts of Bitcoin Future on exchanges by whales, who finally decided to confirm their profits close to an all-time high of $20,000.

Ki Young Ju, creator of the on-chain analysis platform CryptoQuant, commented on Twitter:

„A few hours ago, All Exchanges Inflow Mean increased. It indicates that whales have deposited BTC on exchanges.

But long-term on-chain indicators show that pressure will prevail. I still think we will exceed $20,000 in a few days.“

Bitcoin’s core indicators support the bullish theory: the hash rate continues to rise, and in three days the mining difficulty will increase by 7.3%.