Bitcoin bears have shown some activity in the cryptocurrency market as they have caused a downtown in the leading digital currency’s price movement. A few hours ago today, the price value of Bitcoin plummeted suddenly by more than 11 percent and went down to trade in the $17k range. This price drop seems to have occurred as a result of the recent movement of Bitcoin (BTC) caused by Bitcoin whales.
Bitcoin price sheds $1000 within a few minutes
The price value of the top-ranked cryptocurrency nearly reached $19.5k yesterday. However, it has now dropped down significantly. According to the data presented by Trading View, the largest cryptocurrency lost more than $1,000 within the duration of just a few minutes early on the 26th of November.
After this loss, Bitcoin’s price went down to $17,250 while recording an intraday low value. In total, the price of the coin has lost more than $2,000 so far as compared to its last day trading which saw Bitcoin trading above $19,000. Bitcoin even plunged down to the $16,400 level on the Poland-based cryptocurrency exchange BitBay.
Source: Trading View
After facing this price crash, the price of the top digital asset has rebounded slightly. However, it is still trading down by more than six percent in the last 24 hours while trading at around $17,500, at the time of writing.
Several cryptocurrency analysts had already predicted this price pullback for Bitcoin. The famous cryptocurrency trader and analyst Tone Vays and the host of CNBC Brian Kelly said recently that they expect Bitcoin’s price value to drop down to $14,000 after registering positive gains. However, the flagship cryptocurrency has not so far decreased down to their predicted price level.
Reasons behind this price crash of Bitcoin
Analysts have described various reasons that might have caused this price crash of Bitcoin. Cryptocurrency whales transferring Bitcoin to digital currency exchanges could be one of these reasons. The Chief Executive Officer (CEO) of CryptoQuant Ki Young Ju said that a few hours before this price crash, Bitcoin whales had begun moving their BTC to crypto exchanges.
Another factor that could have caused this price decline is the decreasing number of daily active addresses. Some crypto analysts think that the rising social volume of Bitcoin in recent days might also be a reason behind this price drop.
With this price drop, expectations regarding the breakout of $20,000 also seem to have decreased down now.