Bitcoin price suddenly drops 11% as whales move BTC to exchanges

[Jentot]

Bitcoin price suddenly drops 11% as whales move BTC to exchanges

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%.

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.

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[bitbit97]

I think this sudden drop was caused by "Coinbase Pro disables margin trading" (https://blog.coinbase.com/coinbase-pro-disables-margin-trading-42f5862f8a66).

Also, one of the reasons might be "Last week we heard rumors that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term"( https://twitter.com/brian_armstrong/status/1331744884856741888).

In overall, this does not look as a price correction. You say this is all due to whales moves. All whales address are known. Have you checked if they really move big amounts ?