As Bitcoin neared its all-time high, the leading digital asset declined by 11% on the 26th of November, after hitting $19,500. Cointelegraph reported that BTC hit $17,250 lows. At press time, however, Bitcoin has dropped further by 12.38% to $16,832.58.
Before the loss, data obtained from TradingView revealed that BTC experienced significant volatility overnight on the 25th of November.
Notably, the price dip is happening at a time when whales are moving BTC to different exchanges, ahead of BTC’s new high milestone. The CEO of CryptoQuant said:
“All Exchanges Inflow Mean increased a few hours ago. It indicates that whales, relatively speaking, deposited BTC to exchanges. But long-term on-chain indicators say the buying pressure prevails. I still think we can break 20k in a few days.”
Several analysts had already predicted that the continuous spike in the price of BTC would end in a pullback. The recent BTC pullback agrees with analysts’ predictions that it would be difficult for the king coin to reach a new all-time high.
Just before the loss, CNBC Fast Money trader Brian Kelly said that he saw “signs of a top” for Bitcoin at $19,000. While speaking, Kelly noted three factors that could lead to a Bitcoin pullback.
Likewise, derivatives trader and analyst Tone Vays forecasted that BTC would fall to $14,000. Vays said the bearish comments in a tweet on the 24th of November.
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