A Bitcoin price correction that ended at $17,250 meets analysts‘ expectations, as the historic highs of $20,000 are hard to beat.
Bitcoin (BTC) fell $1,000 in minutes on November 26, when an expected decline reached the market near $19,500.
The price of BTC hits a low of $17,250
Data from Cointelegraph Markets and TradingView showed that the BTC/USD experienced high volatility on Wednesday night.
After almost reaching $19,500 during the day, after the hour, there was a period of bearish hesitation that ended in a strong sell-off and Bitcoin Pro then bounced back to the $17,250 level, limiting daily losses to around 5%.
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Many analysts had already warned that the recent gains would end in a reversal, including CNBC anchor Brian Kelly and trader Tone Vays, who on Thursday predicted a drop to $14,000.
Meanwhile, several measurements have also hinted at an imminent correction. Among them is the popular fear and greed index, which has remained at record levels throughout November.
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Fear and Greed Index.
Sales pressure from exchanges increases
The sudden drop in prices occurred in parallel with investors depositing large volumes on the exchanges, presumably with the goal of making profits near the historic high of $20,000 for Bitcoin.
„The average deposits of all the exchanges increased a few hours ago. It indicates that the whales, relatively speaking, deposited $BTC on the exchanges,“ Ki Young Ju, creator of the chain analysis resource CryptoQuant, summarized to his Twitter followers.
„But the long-term chain indicators say that buying pressure prevails. I still think we can surpass $20,000 in a few days.
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Deposits of crypto currencies in the exchanges in November.
Bitcoin’s fundamental indicators support the bullish theory in the future, with the difficulty of mining set for a 7.3% increase in three days and the hash rate continuing to grow.
At the close of this edition, the BTC/USD revolved around $17,900 after a modest recovery from the local lows.