Bitcoin (BTC) dropped $ane,000 in minutes on Nov. 26 every bit a long-awaited pullback hitting the market at close to $19,500.

BTC toll hits $17,250 lows

Data from Cointelegraph Markets and TradingView showed BTC/USD experiencing major volatility overnight on Wed.

After nigh hit $19,500 during the twenty-four hour period's trading, after-hours saw a menses of bearish indecision that ended in a sharp sell-off. Bitcoin then bounced at $17,250, capping daily losses of effectually 5%.

BTC/USD 1-hour chart. Source: TradingView

Many analysts had already warned that the recent gains were due for a pullback, amid them CNBC host Brian Kelly and trader Tone Vays, who forecast a dip to $fourteen,000 on Thursday.

Meanwhile, several metrics have likewise hinted at a looming correction. Among them is the popular Crypto Fear and Greed Index, which has remained at record-high levels throughout November.

Crypto Fearfulness and Greed Index. Source: Culling.me

Substitution selling pressure level mounts

The sudden price driblet came in tandem with large-volume investors depositing BTC to exchanges — presumably with the aim of taking profit nearly Bitcoin's $20,000 all-time highs.

"All Exchanges Inflow Hateful increased a few hours agone. It indicates that whales, relatively speaking, deposited $BTC to exchanges," Ki Immature Ju, creator of on-chain analytics resource CryptoQuant, summarized to Twitter followers.

"But long-term on-chain indicators say the ownership pressure level prevails. I still think nosotros tin can break 20k in a few days."
Exchange inflows in November. Source: CryptoQuant/ Twitter

Bitcoin's fundamental indicators back up the bullish theory going forward with the mining difficulty set for a seven.3% uptick in three days' time and hash rate continuing to grow.

At press time, BTC/USD circled $17,900 after a pocket-size recovery from local lows.