# Bitcoin price suddenly drops 11% as whales move BTC to exchanges
Table of Contents
“# Bitcoin price suddenly drops 11% as whales move BTC to exchanges ”
BTC price hits $17,250 lows
Data from Cointelegraph Markets and TradingView showed BTC/USD experiencing major volatility overnight on Wednesday.
After nearly hitting $19,500 during the day’s trading, after-hours saw a period of bearish indecision that ended in a sharp sell-off. Bitcoin reversed at $17,250, capping daily losses of around 5%.
Many analysts had already warned that the recent gains were due a period of consolidation, among them CNBC host Brian Kelly and trader Tone Vays, who on Thursday forecast a dip to $14,000.
Exchange selling pressure mounts
In the event, the downturn was less severe, but came in tandem with large-volume investors depositing BTC to exchanges — presumably with the aim of selling near Bitcoin’s $20,000 all-time highs.
“All Exchanges Inflow Mean increased a few hours ago. It indicates that whales, relatively speaking, deposited $BTC to exchanges,” Ki Young Ju, creator of on-chain analytics resource CryptoQuant, summarized to Twitter followers.
“But long-term on-chain indicators say the buying pressure prevails. I still think we can break 20k in a few days.”
Bitcoin’s technical indicators support the bullish theory going forward, however, with the mining difficulty set for a 7.3% uptick in three days’ time and hash rate continuing to grow.
At press time, BTC/USD circled $17,900 after a modest recovery from local lows.
If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.
For forums sites go to Forum.BuradaBiliyorum.Com
If you want to read more News articles, you can visit our General category.
