![Bitcoin price suddenly drops 11% as whales move BTC to exchanges](https://i0.wp.com/www.goforcrypto.com/wp-content/uploads/2020/11/bitcoin-price-suddenly-drops-11-as-whales-move-btc-to-exchanges.jpg?resize=678%2C381&ssl=1)
A Bitcoin price correction to $17,250 fulfills analysts’ expectations as $20,000 all-time highs prove difficult to overcome.
Bitcoin (BTC) dropped $1,000 in minutes on Nov. 26 as a long-awaited pullback hit the market at close to $19,500.
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 then bounced at $17,250, capping daily losses of around 5%.
![](https://i0.wp.com/s3.cointelegraph.com/uploads/2020-11/54ae53ac-d239-4712-b305-01d48bef199f.png?ssl=1)
Many analysts had already warned that the recent gains were due for a pullback, among them CNBC host Brian Kelly and trader Tone Vays, who on Thursday forecast a dip to $14,000.
Meanwhile, several metrics have also hinted at a looming correction. Among them is the popular Crypto Fear and Greed Index, which has remained at record high levels throughout November.
![](https://i0.wp.com/s3.cointelegraph.com/uploads/2020-11/663184d6-ec85-48c7-850a-df37fa875633.png?ssl=1)
Exchange selling pressure mounts
The sudden price drop came in tandem with large-volume investors depositing BTC to exchanges — presumably with the aim of taking profit 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.”
![](https://i0.wp.com/s3.cointelegraph.com/uploads/2020-11/e0155f4f-df99-4fc4-8073-5ee1444dc2e9.jpeg?ssl=1)
Bitcoin’s fundamental indicators support the bullish theory going forward 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.
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