Bitcoin analysts explain what's next in the aftermath of BTC plunging to $16.2K
Analysts and traders discuss both bull and bear cases for Bitcoin after the BTC price plunged to $16,200.The price of Bitcoin (BTC) dropped sharply on Nov. 26 following a mass sell-off from whales. Data from on-chain data firms, namely Santiment, Intotheblock, and CryptoQuant, show heightened levels of whale exchange inflows.
Whales selling right under Bitcoin's all-time high, particularly when the market sentiment was overly euphoric, led to a massive drop. Roughly $1.8 billion worth of futures contracts were wiped out, as Cointelegraph reported.
Some exchanges, like Binance as an example, recorded $400 million worth of liquidations within merely several hours.
According to Santiment, whales sold quickly after Bitcoin surpassed $19,300. Many of these high-net-worth individuals sold so aggressively that they are no longer in the whale category of holding over 1,000 BTC
See more for yourself here (https://cointelegraph.com/news/bitcoin-analysts-explain-what-s-next-in-the-aftermath-of-btc-plunging-to-16-2k)